Sec. 38a-261. (Formerly Sec. 38-541). Purchasing group to furnish notice to Insurance Commissioner. - Connecticut Statutes

      Sec. 38a-261. (Formerly Sec. 38-541). Purchasing group to furnish notice to Insurance Commissioner. A purchasing group which intends to do business in this state shall furnish notice to the Insurance Commissioner which shall: (1) Identify the state in which the group is domiciled; (2) specify the lines and classifications of liability insurance which the purchasing group intends to purchase; (3) identify the insurance company from which the group intends to purchase its insurance and the domicile of such company; (4) identify the principal place of business of the group; (5) provide such other information as may be required by the Insurance Commissioner to verify that the purchasing group satisfies the definitional requirements of subdivision (10) of section 38a-250; (6) register with and designate the Insurance Commissioner as its agent solely for the purpose of receiving service of legal documents or process, in accordance with Section 4 of the Liability Risk Retention Act of 1986; (7) identify all other states in which the group intends to do business; and (8) specify the method by which, and the person or persons, if any, through whom insurance will be offered to its members whose risks are resident or located in this state. A purchasing group shall, within ten days, notify the commissioner of any changes in any of the items set forth in this section.

      (P.A. 87-135, S. 12, 18; P.A. 89-33, S. 5; P.A. 93-239, S. 27.)

      History: P.A. 89-33 made technical change in the cited Subdiv. of Sec. 38-530; Sec. 38-541 transferred to Sec. 38a-261 in 1991; P.A. 93-239 added additional requirements re the identification of all other states in which the risk retention group intends to do business, re the specification of the methods used and persons involved in offering such insurance to the members in this state and re notification to the commissioner within ten days of any changes in the requirements required by Sec. 38a-261.