Connecticut General Statutes 38a-58b – Definitions
As used in this section and sections 38a-58c to 38a-58g, inclusive:
Terms Used In Connecticut General Statutes 38a-58b
- Alien insurer: means any insurer that has been chartered by or organized or constituted within or under the laws of any jurisdiction or country without the United States. See Connecticut General Statutes 38a-1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the Insurance Commissioner. See Connecticut General Statutes 38a-1
- Domestic insurer: means any insurer that has been chartered by, incorporated, organized or constituted within or under the laws of this state. See Connecticut General Statutes 38a-1
- Insurance: means any agreement to pay a sum of money, provide services or any other thing of value on the happening of a particular event or contingency or to provide indemnity for loss in respect to a specified subject by specified perils in return for a consideration. See Connecticut General Statutes 38a-1
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- liabilities: shall include but not be limited to reserves required by statute or by regulations adopted by the commissioner in accordance with the provisions of chapter 54 or specific requirements imposed by the commissioner upon a subject company at the time of admission or subsequent thereto. See Connecticut General Statutes 38a-1
- State: means any state, district, or territory of the United States. See Connecticut General Statutes 38a-1
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- United States: means the United States of America, its territories and possessions, the Commonwealth of Puerto Rico and the District of Columbia. See Connecticut General Statutes 38a-1
(1) “Alien insurer” has the same meaning as provided in section 38a-1;
(2) “Authorized control level risk-based capital” means the number determined in accordance with the risk-based capital formula set forth in subsection (d) of section 38a-72 and regulations adopted thereunder;
(3) “Commissioner” means the Insurance Commissioner;
(4) “Domestic insurer” has the same meaning as provided in section 38a-1;
(5) “Domestication” or “domesticate” means the reorganization of a United States branch of an alien insurer, in which a domestic insurer succeeds to all the business and assets and assumes all the liabilities of the United States branch;
(6) “State” has the same meaning as provided in section 38a-1;
(7) “Trusteed assets” means the assets in a trust account established pursuant to section 38a-58d;
(8) “Trusteed surplus” means the aggregate value of the United States branch’s general state deposits and trusteed assets deposited in a trust account established pursuant to section 38a-58d plus accrued investment income on such deposits and assets where such interest is collected for trustees by the state, less the aggregate net amount of all of the United States branch’s reserves and other liabilities in the United States as determined in accordance with section 38a-58e;
(9) “United States” has the same meaning as provided in section 38a-1;
(10) “United States branch” means the business unit in this state through which an alien insurer transacts the business of insurance in the United States.