Sec. 38a-431. (Formerly Sec. 38-153). Group insurance. - Connecticut Statutes

      Sec. 38a-431. (Formerly Sec. 38-153). Group insurance. Any life insurance company may issue life or endowment insurance, with or without annuities, upon the group plan, as defined by the commissioner, with special rates of premiums less than the usual rates of premiums for such policies. All policies of group insurance shall be segregated by the company into a separate class and the mortality experience kept separate. The number of policies, amount of insurance, reserves, premiums and payments to policyholders thereunder, together with the mortality table and interest assumption adopted by the company, shall be reported separately in the company's annual financial statement.

      (1949 Rev., S. 6143; 1951, S. 2828d; P.A. 78-312, S. 6.)

      History: P.A. 78-312 deleted provision which had allowed companies to value policies "on such tables of mortality and interest assumptions as may be approved by the commissioner"; Sec. 38-153 transferred to Sec. 38a-431 in 1991.