Sec.38a-740-1. Definitions

As used in sections 38a-740-1 to 38a-740-11, inclusive, of the Regulations of Connecticut State Agencies:

(a) An "affiliate" of, or person "affiliated" with, a specific person means a person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the specific person.

(b) "Alien insurance company" or "alien insurer" means any insurance company which has been chartered by or organized or constituted within or under the laws of any state or country outside the United States.

(c) "Commissioner" means the Insurance Commissioner of this state.

(d) "Control," "controlling," "controlled by" and "under common control with," means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official position with the person. Control shall be presumed to exist if any person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing, ten percent or more of the voting securities of any other person.

(e) "Eligible surplus lines insurer" means an unauthorized insurer or a domestic surplus lines insurer with which a surplus lines broker may place surplus lines insurance pursuant to section 38a-740-2 of the Regulations of Connecticut State Agencies.

(f) "Surplus lines broker" means a person, firm or corporation licensed pursuant to section 38a-794 of the Connecticut General Statutes to place insurance of risks resident, located or to be performed in this state with eligible surplus lines insurers authorized to accept such insurance.

(g) "Insurance company" or "insurer" means any corporation, association, partnership, insurance exchange duly authorized under the laws of any state or combination of persons doing any kind or form of insurance business.

(h) "Person" means an individual, a corporation, a partnership, an association, a joint stock company, a business trust, an unincorporated organization, any similar entity or any combination of the foregoing acting in concert.

(i) "Surplus lines insurance" means any insurance in this state of risks resident, located or to be performed in this state, permitted to be placed through a surplus lines broker with an eligible surplus lines insurer authorized to accept such insurance.

(j) "Unauthorized insurer" means an insurer not licensed to do an insurance business in this state.

(k) "List of licensed companies, approved reinsurers and surplus lines insurers" means a listing published by the commissioner from time to time, but at least annually, that includes all eligible surplus lines insurers authorized to conduct business in this state.

(Effective September 25, 1992; Transferred and Amended January 16, 1996; Amended July 27, 2018)