Connecticut Administrative Code
Title 38a - Insurance Department
53 - Statement of Actuarial Opinion
Section 38a-53-4 - Exemptions
Universal Citation: CT Reg of State Agencies 38a-53-4
Current through September 9, 2024
(a) Upon written application of an insurer, the Commissioner may issue an exemption from compliance with the provisions of this regulation in the following instances:
(1) An insurer that has less than $1,000,000
total direct plus assumed written premiums during a calendar year, or that has
less than 1,000 policyholders or certificate holders at the end of a calendar
year, in lieu of the certification required for the calendar year, may submit
an affidavit under oath of an officer of the insurer that specifies that amount
of direct, plus assumed, premiums written and the total number of policyholders
and certificate holders. An insurer which intends to utilize this exemption
shall submit a letter of intent to the insurance regulatory official in its
domiciliary state no later than December 1 of the calendar year for which the
exemption is to be claimed;
(2) An
insurer which is under rehabilitation, liquidation, or any other delinquency
proceeding ordered pursuant to a statutory provision unless ordered to make the
report by the insurance regulatory official of its domiciliary state;
(3) An insurer writing property insurance
only if the exemption is agreed to by the insurance regulatory official in the
insurer's domiciliary state based on the nature of the business
written;
(4) Filing the report
would constitute financial hardship, which is presumed to exist for an insurer
other than a health care center if the projected reasonable cost of the report
would exceed the lesser of:
(A) One percent of
the insurer's capital and surplus reflected in the insurer's annual statement
for the calendar year for which the exemption is sought; or
(B) Three percent of the insurer's net direct
plus assumed premiums written during the calendar year for which the exemption
is sought as reflected in the insurer's annual statement filed with its
insurance regulatory official of its domiciliary state.
Disclaimer: These regulations may not be the most recent version. Connecticut may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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