Conn. Gen. Stat. § 38a-156r

Current with legislation from 2024 effective through June 5, 2024.

Section 38a-156r - Definitions

As used in this section and sections 38a-156s to 38a-156z, inclusive:

(1) "Capital" means the capital stock component of statutory surplus, as defined in the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions;

(2) "Commissioner" means the Insurance Commissioner;

(3) "Divide" or "division" means a transaction in which a domestic insurer divides into two or more resulting insurers;

(4) "Dividing insurer" means a domestic insurer that approves a plan of division pursuant to section 38a-156t;

(5) "Entity", unless the context otherwise requires, means:

(A) A business corporation;

(B) a nonprofit corporation;

(C) a general partnership, including a limited liability partnership;

(D) a limited partnership, including a limited liability limited partnership;

(E) a limited liability company;

(F) a business trust or statutory trust entity;

(G) an unincorporated nonprofit association;

(H) a cooperative; or (I) any other person who has a separate legal existence or the power to acquire an interest in real property in his or her own name other than:

(i) An individual;

(ii) a testamentary, inter vivos or charitable trust, with the exception of a business trust, statutory trust entity or similar trust;

(iii) an association or relationship that is not a partnership solely by reason of the law of any other state or jurisdiction;

(iv) a decedent's estate; or

(v) a government, governmental subdivision, agency, instrumentality or a quasi-governmental instrumentality;

(6) "Filing entity" means an entity that is created by filing a public organic document;

(7) "Governance interest" means the right under the organic law or organic rules of an entity, other than as a governor, agent, assignee or proxy, to:

(A) Receive or demand access to information concerning, or the books and records of, the entity;

(B) vote for the election of the governors of the entity; or

(C) receive notice of or vote on issues involving the internal affairs of the entity;

(8) "Governor", with respect to an entity, means a person:

(A) By or under whose authority the powers of an entity are exercised; and

(B) under whose direction the business and affairs of the entity are managed pursuant to the organic law and organic rules of the entity;

(9) "Interest", unless the context otherwise requires, means:

(A) A governance interest in an unincorporated entity;

(B) a transferable interest in an unincorporated entity; or

(C) a share or membership in a corporation;

(10) "Interest holder" means a direct holder of an interest;

(11) "Liability" means a debt, obligation or any other liability arising in any manner, regardless of whether it is secured or contingent;

(12) "New insurer" means a domestic insurer that is created by a division occurring on or after October 1, 2017;

(13) "Organic law" means the section of the general statutes, if any, other than this section and sections 38a-156s to 38a-156z, inclusive, and sections 34-601 to 34-646, inclusive, governing the internal affairs of an entity;

(14) "Organic rules" means the private organic rules and public organic document of an entity;

(15) "Private organic rules" means the rules, whether or not in a record, that govern the internal affairs of an entity, are binding on all of its interest holders and are not part of its public organic document, if any;

(16) "Property" means all property, whether real, personal or mixed, tangible or intangible, or any right or interest therein, including rights under contracts and other binding agreements;

(17) "Public organic document" means the public record, the filing of which creates an entity, and any amendment to or restatement of such public record;

(18) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form;

(19) "Resulting insurer" means a new insurer or a dividing insurer that survives a division;

(20) "Shareholder" means the person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation;

(21) "Sign" or "signature" includes any manual, facsimile, conformed or electronic signature;

(22) "Surplus" means total statutory surplus less capital stock, adjusted for the par value of any treasury stock, calculated in accordance with the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions;

(23) "Transfer" includes an assignment, conveyance, sale, lease, encumbrance, including a mortgage or security interest, gift or transfer by operation of law; and

(24) "Transferable interest" means the right under an entity's organic law to receive distributions from the entity.

Conn. Gen. Stat. § 38a-156r

( P.A. 17-2, S. 1.)

Added by P.A. 17-0002, S. 1 of the Connecticut Acts of the 2017 Regular Session, eff. 10/1/2017.