Sec. 38a-430. (Formerly Sec. 38-135a). Approval of form of life insurance and annuity policies. Optional health insurance riders. - Connecticut Statutes

      Sec. 38a-430. (Formerly Sec. 38-135a). Approval of form of life insurance and annuity policies. Optional health insurance riders. (a) No life insurance or annuity policy or contract shall be delivered or issued for delivery to any person in this state, nor shall any application, rider or endorsement be used in connection therewith, until a copy of the form thereof shall have been filed with and approved by the commissioner. The commissioner shall adopt regulations in accordance with the provisions of chapter 54, establishing a procedure for review of such policies. The commissioner shall issue an order disapproving the use of any such form at any time if it does not comply with the requirements of law, or if it contains a provision or provisions which are unfair or deceptive or which encourage misrepresentation of the policy. The commissioner shall specify the reason for his disapproval. The provisions of section 38a-19 shall apply to any such order issued by the commissioner.

      (b) Nothing in this chapter shall preclude the issuance of a life insurance contract, including but not limited to a long-term care policy as provided in section 38a-458, which includes an optional health insurance rider, provided, the optional health insurance rider must be filed with and approved by the Insurance Commissioner pursuant to section 38a-481. Any company offering such policies for sale in this state shall be licensed to sell health insurance in this state pursuant to the provisions of section 38a-41.

      (1967, P.A. 528; P.A. 88-326, S. 3; P.A. 96-51, S. 1.)

      History: P.A. 88-326 required the commissioner to adopt regulations establishing a procedure for policy review and rephrased existing provisions; Sec. 38-135a transferred to Sec. 38a-430 in 1991; P.A. 96-51 added Subsec. (b) to permit optional health insurance riders.