Conn. Agencies Regs. § 38a-465-2

Current through September 27, 2024

Section 38a-465-2 - Annual statement reporting requirements

Each provider shall file with the Commissioner on or before March 1 each year, an annual statement containing the following information regarding business transacted in this state for the previous calendar year:

(1) For each policy settled, the date that the life settlement contract was entered into; the life expectancy of the insured at the time of the contract; the face amount of the policy; the amount paid by the provider to settle the policy and the percentage that amount represents of the face amount; and if the insured has died, the date, the total insurance premiums paid by the provider to maintain the policy in force and the primary ICD diagnosis code, in numeric format, as defined by the International Classification of Diseases, as published by the U.S. Department of Health and Human Services;

(2) a breakdown of applications received, accepted, and rejected, by disease category;

(3) a breakdown of purchased policies by issuer, year of policy issuance and policy type;

(4) the number of secondary market versus primary market transactions;

(5) the total number of policies settled, the total policy premiums paid, the total paid to all owners, and the total commissions paid to brokers;

(6) the source and amount of outside borrowing or financing; and

(7) the name and address of each broker through whom the reporting company purchased a policy from an owner who resided in Connecticut at the time of contract.

Conn. Agencies Regs. § 38a-465-2

Adopted effective November 9, 1998; Amended March 1, 2000; Amended June 27, 2013