Connecticut General Statutes 38a-1008 – Service company and administrator to be mutually disinterested
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(a) No service company or its employees, officers or directors shall be an employee, officer or director of, or have either a direct or indirect financial interest in, an administrator. No administrator or its employees, officers or directors shall be an employee, officer or director of, or have either a direct or indirect financial interest in, a service company.
Terms Used In Connecticut General Statutes 38a-1008
- Commissioner: means the Insurance Commissioner. See Connecticut General Statutes 38a-1
- Contract: A legal written agreement that becomes binding when signed.
- State: means any state, district, or territory of the United States. See Connecticut General Statutes 38a-1
(b) The service contract shall state that unless the commissioner permits otherwise the service company shall handle, to its conclusion, all claims and other obligations incurred during the contract period.