| 11 | 11 | | |
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| 12 | 12 | | AN ACT CONCERNING NONADMITTED INSURERS. |
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| 13 | 13 | | |
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| 14 | 14 | | Be it enacted by the Senate and House of Representatives in General Assembly convened: |
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| 15 | 15 | | |
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| 16 | 16 | | Section 1. Section 38a-277 of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage and applicable to nonadmitted insurance coverage procured, continued or renewed on or after July 1, 2011): |
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| 17 | 17 | | |
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| 18 | 18 | | (a) Every insured who in this state procures or causes to be procured or continues or renews insurance with any unauthorized insurer, or any insured or self-insurer who so procures or continues excess loss, catastrophe or other insurance, upon a subject of insurance resident, located or to be performed within this state, other than insurance procured through a surplus lines broker pursuant to the surplus lines law of this state, shall, within sixty days after the date such insurance was so procured, continued or renewed, file a report of the same with the Commissioner of Revenue Services in writing and upon forms designated by the Commissioner of Revenue Services and furnished to such insured upon request. The report shall show the name and address of the insured or insureds, the name and address of the insurer, the subject of the insurance, a general description of the coverage, the amount of premium currently charged therefor and such additional pertinent information as is reasonably requested by the Commissioner of Revenue Services. The provisions of this subsection shall not apply to nonadmitted insurance, as defined in subsection (f) of this section, that is procured, continued or renewed on or after July 1, 2011. |
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| 19 | 19 | | |
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| 20 | 20 | | (b) Any insurance by an unauthorized insurer of a subject of insurance resident, located or to be performed within this state procured through negotiations or an application, in whole or in part occurring or made within or from within or outside of this state, or for which premiums in whole or in part are remitted directly or indirectly from within or outside of this state, shall be deemed to be insurance procured, or continued or renewed in this state within the intent of subsection (a) of this section. |
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| 21 | 21 | | |
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| 22 | 22 | | (c) There is [hereby] levied upon the obligation, chose in action or right represented by the premium charged for such insurance a premium receipts tax of four per cent of gross premiums charged for such insurance other than wet marine and transportation insurance. The term "premium" shall include all premiums, membership fees, assessments, dues and any other consideration for insurance. Such tax shall be in lieu of all other taxes. The insured shall, on or before March first next succeeding the calendar year in which the insurance was so procured, continued or renewed, pay the amount of the tax to the Commissioner of Revenue Services in accordance with procedures established and on forms provided by said Commissioner of Revenue Services. In the event of cancellation and rewriting of any such insurance contract the premium for premium receipts tax purposes shall be the premium in excess of the unearned premium of the cancelled insurance contract. The provisions of this subsection shall not apply to nonadmitted insurance, as defined in subsection (f) of this section, that is procured, continued or renewed on or after July 1, 2011. |
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| 23 | 23 | | |
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| 24 | 24 | | (d) If a policy covers risks or exposures only partially in this state, the tax payable shall be computed on the portions of the premium which are properly allocable to the risks or exposures located in this state. The provisions of this subsection shall not apply to nonadmitted insurance, as defined in subsection (f) of this section, that is procured, continued or renewed on or after July 1, 2011. |
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| 25 | 25 | | |
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| 26 | 26 | | (e) If the insured fails to withhold from the premium the amount of tax herein levied, the insured shall be liable for the amount thereof and shall pay the same to the Commissioner of Revenue Services within the time stated in subsection (c) of this section. Any person who fails to pay the tax within the time stated in subsection (c) of this section shall pay a penalty of ten per cent thereof or seventy-five dollars, whichever is greater, which penalty shall be paid at the time of paying such tax. Interest shall be added to the tax at the rate of one per cent per month or fraction thereof from the date such payment was due to the date paid. Subject to the provisions of section 12-3a, the Commissioner of Revenue Services may waive all or part of the penalties provided under this section when it is proven to said commissioner's satisfaction that the failure to pay any tax was due to reasonable cause and was not intentional or due to neglect. The provisions of this subsection shall not apply to nonadmitted insurance, as defined in subsection (f) of this section, that is procured, continued or renewed on or after July 1, 2011. |
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| 27 | 27 | | |
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| 28 | 28 | | (f) For purposes of this subsection and subsections (g) to (l), inclusive, of this section: |
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| 29 | 29 | | |
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| 30 | 30 | | (1) "Home state" means home state, as defined in Section 527 of the Nonadmitted and Reinsurance Reform Act of 2010; |
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| 31 | 31 | | |
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| 32 | 32 | | (2) "Independently procured insurance" means independently procured insurance, as defined in Section 527 of the Nonadmitted and Reinsurance Reform Act of 2010; |
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| 33 | 33 | | |
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| 34 | 34 | | (3) "Nonadmitted and Reinsurance Reform Act of 2010" means Sections 511 to 542, inclusive, of the Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203, as amended from time to time; |
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| 35 | 35 | | |
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| 36 | 36 | | (4) "Nonadmitted insurance" means nonadmitted insurance, as defined in Section 527 of the Nonadmitted and Reinsurance Reform Act of 2010; and |
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| 37 | 37 | | |
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| 38 | 38 | | (5) "Nonadmitted insurer" means a nonadmitted insurer, as defined in Section 527 of the Nonadmitted and Reinsurance Reform Act of 2010. |
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| 39 | 39 | | |
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| 40 | 40 | | (g) (1) With respect to independently procured insurance, where such coverage is procured, continued or renewed on or after July 1, 2011, and where this state is an insured's home state, there is levied upon the obligation, chose in action or right represented by the premium charged for independently procured insurance an independently procured insurance premiums tax of four per cent of the gross premiums charged for such insurance, irrespective of the fact that the independently procured insurance policy may cover properties, risks or exposures located or to be performed both within and without this state. The term "premium" shall include all premiums, membership fees, assessments, dues and any other consideration for insurance. Such tax shall be due and payable to this state by the insured and shall be in lieu of all other taxes on such nonadmitted insurance. |
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| 41 | 41 | | |
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| 42 | 42 | | (2) (A) With respect to independently procured insurance, for the period beginning on July 1, 2011, and ending September 30, 2011, the insured shall pay to the Commissioner of Revenue Services, on or before November 15, 2011, in accordance with procedures established and on forms provided by said commissioner, a sum equal to four per cent of the gross premiums charged the insured by a nonadmitted insurer during such period. |
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| 43 | 43 | | |
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| 44 | 44 | | (B) With respect to independently procured insurance, for the period beginning on October 1, 2011, and ending December 31, 2011, the insured shall pay to the Commissioner of Revenue Services, on or before February 15, 2012, in accordance with procedures established and on forms provided by said commissioner, a sum equal to four per cent of the gross premiums charged the insured by a nonadmitted insurer during such period. |
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| 45 | 45 | | |
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| 46 | 46 | | (3) For calendar years beginning on or after January 1, 2012, the insured shall pay to the Commissioner of Revenue Services, on independently procured insurance, in accordance with procedures established and on forms provided by said commissioner, (A) on or before May fifteenth of each year in which nonadmitted insurance was procured, continued or renewed, a sum equal to four per cent of the gross premiums charged the insured by a nonadmitted insurer during the period from January first to March thirty-first of that year; (B) on or before August fifteenth of each year in which nonadmitted insurance was procured, continued or renewed, a sum equal to four per cent of the gross premiums charged the insured by a nonadmitted insurer during the period from April first to June thirtieth of that year; (C) on or before November fifteenth of each year in which nonadmitted insurance was procured, continued or renewed, a sum equal to four per cent of the gross premiums charged the insured by a nonadmitted insurer during the period from July first to September thirtieth of that year; and (D) on or before February fifteenth of each year succeeding a year in which nonadmitted insurance was procured, continued or renewed, a sum equal to four per cent of the gross premiums charged the insured by a nonadmitted insurer during the period from October first to December thirty-first of the preceding year. |
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| 47 | 47 | | |
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| 48 | 48 | | (4) In the event of cancellation and rewriting of any nonadmitted insurance contract, the premium for purposes of this section shall be the premium in excess of the unearned premium of the cancelled insurance contract. |
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| 49 | 49 | | |
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| 50 | 50 | | (5) If, pursuant to subsection (l) of this section, the Commissioner of Revenue Services enters into a cooperative agreement, reciprocal agreement or compact with another state or states, and if the provisions set forth in such agreement or compact are different from provisions prescribed by this subsection, then the provisions set forth in such agreement or compact shall prevail. |
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| 51 | 51 | | |
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| 52 | 52 | | (h) Any insured, who fails to pay the tax within the time stated in subsection (g) of this section, shall pay a penalty of ten per cent of the tax not paid within the time so stated. Interest shall be added to the tax at the rate of one per cent per month or fraction of such month from the date such tax was due to the date paid. Subject to the provisions of section 12-3a, the Commissioner of Revenue Services may waive all or part of the penalties provided under this section if it is proven to said commissioner's satisfaction that the failure to pay any tax was due to reasonable cause and was not intentional or due to neglect. |
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| 53 | 53 | | |
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| 54 | 54 | | [(f)] (i) The Attorney General, upon request of the Commissioner of Revenue Services, shall proceed in the courts of this or any other state or in any federal court or agency to recover such tax not paid within the time prescribed in this section, and any interest and penalty related to such tax. |
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| 55 | 55 | | |
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| 56 | 56 | | [(g)] (j) This section shall not be construed or deemed to abrogate or modify any provision of section 38a-27 or 38a-271 to [38a-278, inclusive] 38a-276, inclusive, as amended by this act, or section 38a-278, but shall be construed in such a manner as to avoid preemption under the Nonadmitted and Reinsurance Reform Act of 2010. This section does not apply to individual life or individual disability insurance or to wet marine or transportation insurance. |
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| 57 | 57 | | |
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| 58 | 58 | | [(h)] (k) The provisions of sections 12-548 to 12-554, inclusive, and section 12-555a shall apply to the provisions of this section in the same manner and with the same force and effect as if the language of said sections had been incorporated in full into this section and had expressly referred to the tax under this section, except to the extent that any such provision is inconsistent with a provision in this section. |
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| 59 | 59 | | |
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| 60 | 60 | | (l) (1) The Commissioner of Revenue Services may enter into a cooperative agreement, reciprocal agreement or compact with another state or states to allocate among the states the nonadmitted insurance premiums taxes paid to an insured's home state, as provided by Section 521 of the Nonadmitted and Reinsurance Reform Act of 2010. |
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| 61 | 61 | | |
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| 62 | 62 | | (2) The agreement or compact that the Commissioner of Revenue Services is authorized to enter under this subsection shall include, but shall not be limited to, the National Association of Insurance Commissioners' Nonadmitted Insurance Multistate Agreement. |
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| 63 | 63 | | |
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| 64 | 64 | | (3) The agreement or compact that the Commissioner of Revenue Services is authorized to enter under this subsection may provide that, where this state is an insured's home state and where the independently procured insurance covers properties, risks or exposures located or to be performed both within and without this state, (A) the sum payable by the insured to this state under subsection (g) of this section shall be computed based on that portion of the gross premiums allocated to this state, based on a standardized premium allocation adopted by the states under such agreement or compact, multiplied by four per cent, (B) the sum payable by the insured to another state shall be computed based on that portion of the gross premiums allocated to such state, based on a standardized premium allocation adopted by the states under such agreement or compact, multiplied by such state's tax rate, and (C) to the extent that another state where properties, risks or exposures are located has failed to enter into an agreement or compact with this state, the portion of the gross premiums otherwise allocable to such other state shall be allocated to this state. |
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| 65 | 65 | | |
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| 66 | 66 | | (4) The agreement or compact that the Commissioner of Revenue Services is authorized to enter under this subsection may provide for (A) recordkeeping requirements, (B) audit procedures, (C) exchange of information, (D) collection of taxes not paid by insureds within the time required under subsection (g) of this section, (E) disbursements of funds to other states that are parties to such agreement or compact, and (F) any additional provisions which will facilitate the administration of the agreement or compact. |
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| 67 | 67 | | |
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| 68 | 68 | | (5) Notwithstanding the provisions of section 12-15, the Commissioner of Revenue Services may, under the terms of the agreement or compact entered into under this subsection, disclose return information, as defined in section 12-15, relating to insureds to any official of another state that is a party to such agreement or compact whose official duties require such disclosure. |
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| 69 | 69 | | |
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| 70 | 70 | | (6) The Commissioner of Revenue Services may enter into cooperative agreements with processing entities located in this state or other states related to the capturing and processing of nonadmitted insurance premiums and nonadmitted insurance premiums tax data. Notwithstanding the provisions of section 12-15, the Commissioner of Revenue Services may, under the terms of any such cooperative agreement, disclose return information, as defined in section 12-15, relating to insureds to any official of the processing entity whose duties require such disclosure. |
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| 71 | 71 | | |
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| 72 | 72 | | Sec. 2. Section 38a-743 of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage and applicable to nonadmitted insurance coverage procured, continued or renewed on or after July 1, 2011): |
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| 73 | 73 | | |
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| 74 | 74 | | (a) Every person, firm, association or corporation licensed pursuant to the provisions of sections 38a-741 to 38a-744, inclusive, 38a-777 and 38a-794 shall pay to the commissioner on May first of each year a sum equal to four per cent of the gross premiums charged the insureds by the insurers during the period from January first to March thirty-first of that year, and on August first of each year a sum equal to four per cent of the gross premiums charged the insured by the insurers during the period from April first to June thirtieth of that year, on November first of each year a sum equal to four per cent of the gross premiums charged the insureds by the insurers during the period from July first to September thirtieth of that year and on February first of each year a sum equal to four per cent of the gross premiums charged the insureds by the insurers during the period from October first to December thirty-first of the preceding year, for insurance procured by such licensee pursuant to such license, less the amount of such premiums returned to such insureds, except that the premium tax shall not apply to any policy issued to the state of Connecticut or any agency [thereof] of the state or to any policy issued to any town, or agency of such town or special taxing district when said town, agency or department thereof or special taxing district appears in the policy as the named insured and as such is responsible for the payment of premiums shown on said policy. Each licensee shall also file on May first, August first, November first, and February first a return, in the form described by the commissioner, showing such information as the commissioner deems necessary. The provisions of this subsection shall not apply to nonadmitted insurance, as defined in subsection (b) of this section, that is procured, continued or renewed on or after July 1, 2011. |
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| 75 | 75 | | |
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| 76 | 76 | | (b) For purposes of this subsection and subsections (c) to (g), inclusive, of this section: |
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| 77 | 77 | | |
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| 78 | 78 | | (1) "Home state" means home state, as defined in Section 527 of the Nonadmitted and Reinsurance Reform Act of 2010; |
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| 79 | 79 | | |
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| 80 | 80 | | (2) "Licensee" means a person, firm, association or corporation that is licensed pursuant to the provisions of sections 38a-741 to 38a-744, inclusive, 38a-777 and 38a-794 and that is a surplus lines broker, as defined in Section 527 of the Nonadmitted and Reinsurance Reform Act of 2010; |
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| 81 | 81 | | |
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| 82 | 82 | | (3) "Nonadmitted and Reinsurance Reform Act of 2010" means Sections 511 to 542, inclusive, of the Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203, as amended from time to time; |
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| 83 | 83 | | |
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| 84 | 84 | | (4) "Nonadmitted insurance" means nonadmitted insurance, as defined in Section 527 of the Nonadmitted and Reinsurance Reform Act of 2010; and |
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| 85 | 85 | | |
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| 86 | 86 | | (5) "Nonadmitted insurer" means a nonadmitted insurer, as defined in Section 527 of the Nonadmitted and Reinsurance Reform Act of 2010. |
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| 87 | 87 | | |
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| 88 | 88 | | (c) (1) With respect to nonadmitted insurance, where such coverage is procured, continued or renewed for an insured by a licensee on or after July 1, 2011, and where this state is an insured's home state, such licensee shall pay a tax equal to the sum of four per cent of the gross premiums charged such insureds by nonadmitted insurers, irrespective of the fact that the insurance policy may cover properties, risks or exposures located or to be performed both within and without this state. |
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| 89 | 89 | | |
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| 90 | 90 | | (2) (A) For the period beginning on July 1, 2011, and ending September 30, 2011, each licensee shall pay to the Insurance Commissioner, on or before November 15, 2011, in accordance with procedures established and on forms provided by said commissioner, a tax on nonadmitted insurance equal to the sum of four per cent of the gross premiums charged insureds by nonadmitted insurers during such period. |
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| 91 | 91 | | |
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| 92 | 92 | | (B) For the period beginning on October 1, 2011, and ending December 31, 2011, each licensee shall pay to the Insurance Commissioner, on or before February 15, 2012, in accordance with procedures established and on forms provided by said commissioner, a tax on nonadmitted insurance equal to the sum of four per cent of the gross premiums charged insureds by nonadmitted insurers during such period. |
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| 93 | 93 | | |
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| 94 | 94 | | (3) For calendar years beginning on or after January 1, 2012, each licensee shall pay to the Insurance Commissioner, in accordance with procedures established and on forms provided by said commissioner, (A) on or before May fifteenth of each year in which nonadmitted insurance was procured, continued or renewed, a tax on such insurance equal to the sum of four per cent of the gross premiums charged insureds by nonadmitted insurers during the period from January first to March thirty-first of that year; (B) on or before August fifteenth of each year in which nonadmitted insurance was procured, continued or renewed, a tax on such insurance equal to the sum of four per cent of the gross premiums charged insureds by nonadmitted insurers during the period from April first to June thirtieth of that year; (C) on or before November fifteenth of each year in which nonadmitted insurance was procured, continued or renewed, a tax on such insurance equal to the sum of four per cent of the gross premiums charged insureds by nonadmitted insurers during the period from July first to September thirtieth of that year; and (D) on or before February fifteenth of each year succeeding a year in which nonadmitted insurance was procured, continued or renewed, a tax on such insurance equal to the sum of four per cent of the gross premiums charged insureds by nonadmitted insurers during the period from October first to December thirty-first of the preceding year. |
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| 95 | 95 | | |
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| 96 | 96 | | (4) In the event of cancellation and rewriting of any nonadmitted insurance contract, the premium for purposes of this subsection shall be the premium in excess of the unearned premium of the cancelled insurance contract. |
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| 97 | 97 | | |
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| 98 | 98 | | (5) If, pursuant to subsection (g) of this section, the Insurance Commissioner enters into a cooperative agreement, reciprocal agreement or compact with another state or states, and if the provisions set forth in such agreement or compact are different from provisions prescribed by this subsection, then the provisions set forth in such agreement or compact shall prevail. |
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| 99 | 99 | | |
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| 100 | 100 | | [(b)] (d) Upon failure of any person to pay the premium tax due the commissioner on its due date, there shall be added thereto a penalty and interest, which interest shall [not be less than] be at the rate of one per cent per month or fraction of a month which elapses from the due date of such premium tax to the date of payment, and which penalty shall be in the amount of ten per cent of the whole or such part of the principal of the premium tax as is unpaid. |
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| 101 | 101 | | |
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| 102 | 102 | | (e) This section shall be construed in such a manner as to avoid preemption under the Nonadmitted and Reinsurance Reform Act of 2010. |
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| 103 | 103 | | |
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| 104 | 104 | | (f) This section shall not apply to any policy issued to the state of Connecticut or any agency of the state, or to any policy issued to any Connecticut town, or agency of such town or special taxing district when said town, agency or department thereof or special taxing district appears in the policy as the named insured and as such is responsible for the payment of premiums shown on said policy. |
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| 105 | 105 | | |
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| 106 | 106 | | (g) (1) The Insurance Commissioner may enter into a cooperative agreement, reciprocal agreement or compact with another state or states to allocate among the states the nonadmitted insurance premiums taxes paid to an insured's home state, as provided by Section 521 of the Nonadmitted and Reinsurance Reform Act of 2010. |
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| 107 | 107 | | |
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| 108 | 108 | | (2) The agreement or compact that the Insurance Commissioner is authorized to enter under this subsection shall include, but shall not be limited to, the National Association of Insurance Commissioners' Nonadmitted Insurance Multistate Agreement. |
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| 109 | 109 | | |
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| 110 | 110 | | (3) The agreement or compact that the Insurance Commissioner is authorized to enter under this subsection may provide that, where this state is an insured's home state and where the nonadmitted insurance covers properties, risks or exposures located or to be performed both within and without this state, (A) the sum payable by a licensee to this state under this section shall be computed based on that portion of the gross premiums allocated to this state, based on a standardized premium allocation adopted by the states under such agreement or compact, multiplied by four per cent, (B) the sum payable by the licensee to another state shall be computed based on that portion of the gross premiums allocated to such state, based on a standardized premium allocation adopted by the states under such agreement or compact, multiplied by such state's tax rate, and (C) to the extent that another state where properties, risks or exposures are located has failed to enter into an agreement or compact with this state, the portion of the gross premiums otherwise allocable to such other state shall be allocated to this state. |
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| 111 | 111 | | |
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| 112 | 112 | | (4) The agreement or compact that the Insurance Commissioner is authorized to enter under this subsection may provide for (A) recordkeeping requirements, (B) audit procedures, (C) exchange of information, (D) collection of taxes not paid by licensees within the time required under subsection (c) of this section, (E) disbursements of funds to other states that are parties to such agreement or compact, and (F) any additional provisions that will facilitate the administration of the agreement or compact. |
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| 113 | 113 | | |
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| 114 | 114 | | (5) Notwithstanding any provision of section 12-15, the Insurance Commissioner may, under the terms of the agreement or compact entered into under this subsection, disclose information relating to surplus lines brokers or nonadmitted insurance permitted to be placed through surplus lines brokers to any official of another state that is a party to such agreement or compact whose official duties require such disclosure. |
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| 115 | 115 | | |
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| 116 | 116 | | (6) The Insurance Commissioner may enter into cooperative agreements with processing entities located in this state or other states related to the capturing and processing of nonadmitted insurance premiums and nonadmitted insurance premiums tax data. Notwithstanding any provision of section 12-15, the Insurance Commissioner may, under the terms of any such cooperative agreement, disclose information relating to surplus lines brokers or nonadmitted insurance permitted to be placed through surplus lines brokers to any official of the processing entity whose duties require such disclosure. |
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| 117 | 117 | | |
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| 118 | 118 | | Sec. 3. Subsections (b) and (c) of section 38a-271 of the general statutes are repealed and the following is substituted in lieu thereof (Effective from passage): |
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| 119 | 119 | | |
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| 120 | 120 | | (b) The provisions of sections 38a-271 to 38a-278, inclusive, as amended by this act, other than section 38a-277, as amended by this act, do not apply to: (1) The lawful transaction of surplus lines insurance; (2) the lawful transaction of reinsurance by insurers; (3) transactions, in this state, involving a policy lawfully solicited, written and delivered outside of this state covering only subjects of insurance not resident, located or expressly to be performed in this state at the time of issuance, and which transactions are subsequent to the issuance of such policy; (4) transactions involving contracts of insurance independently procured pursuant to the unsolicited application of the insured or his agent which are reported and on which a premium tax is paid in accordance with section 38a-277, as amended by this act; (5) attorneys acting in the ordinary relation of attorney-client in the adjustment of claims or losses; (6) transactions, in this state, involving contracts of insurance issued to one or more industrial insureds, provided nothing herein shall relieve an industrial insured from the taxation imposed upon independently procured insurance in [subsection (c) of] section 38a-277, as amended by this act. For the purpose of this subdivision, an "industrial insured" shall mean an insured (i) which procures the insurance of any risk by the use of the services of a full-time employee acting as an insurance manager or buyer, or the services of a regularly and continuously retained qualified insurance consultant and (ii) whose aggregate annual premiums for insurance, excluding life, accident and health insurance, total at least fifty thousand dollars; (7) transactions involving contracts issued by a life insurance or annuity company, organized and operated without profit, to any private shareholder or individual exclusively for the purpose of aiding and strengthening educational institutions or charitable, health and welfare organizations by issuing insurance and annuity contracts only to or for the benefit of such institutions or organizations and individuals engaged in the service of such institutions or organizations; (8) transactions in this state involving group life and group sickness and accident or franchise sickness and accident insurance or group annuities where the master policy of such groups was lawfully issued and delivered in and pursuant to the laws of a state in which the insurer was authorized to do an insurance business to a group organized for purposes other than the procurement of insurance, and where the policyholder is domiciled or otherwise has a bona fide situs; (9) transactions in this state involving any policy of insurance or annuity contract issued prior to January 1, 1970. |
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| 121 | 121 | | |
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| 122 | 122 | | (c) The provisions of section 38a-27 do not apply to: (1) The lawful transaction of surplus lines insurance; (2) transactions, in this state, involving a policy lawfully solicited, written and delivered outside of this state covering only subjects of insurance not resident, located or expressly to be performed in this state at the time of issuance, and which transactions are subsequent to the issuance of such policy; (3) transactions involving contracts of insurance independently procured pursuant to the unsolicited application of the insured or his agent which are reported and on which a premium tax is paid in accordance with section 38a-277, as amended by this act; (4) attorneys acting in the ordinary relation of attorney-client in the adjustment of claims or losses; (5) transactions, in this state, involving contracts of insurance issued to one or more industrial insureds, provided nothing in this section shall relieve an industrial insured from the taxation imposed upon independently procured insurance in [subsection (c) of] section 38a-277, as amended by this act; (6) transactions involving contracts issued by a life insurance or annuity company, organized and operated without profit, to any private shareholder or individual exclusively for the purpose of aiding and strengthening educational institutions or charitable, health and welfare organizations by issuing insurance and annuity contracts only to or for the benefit of such institutions or organizations and individuals engaged in the service of such institutions or organizations; (7) transactions in this state involving group life and group sickness and accident or franchise sickness and accident insurance or group annuities where the master policy of such group was lawfully issued and delivered in and pursuant to the laws of a state in which the insurer was authorized to do an insurance business to a group organized for purposes other than the procurement of insurance, and where the policyholder is domiciled or otherwise has a bona fide situs; (8) transactions in this state involving any policy of insurance or annuity contract, other than a reinsurance contract, issued prior to January 1, 1970. For the purposes of subdivision (5) of this subsection, an "industrial insured" means an insured (A) which procures the insurance of any risk by the use of the services of a full-time employee acting as an insurance manager or buyer, or the services of a regularly and continuously retained qualified insurance consultant, and (B) whose aggregate annual premiums for insurance, excluding life, accident and health insurance, total at least fifty thousand dollars. |
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| 123 | 123 | | |
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| 124 | 124 | | |
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| 125 | 125 | | |
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| 126 | 126 | | |
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| 127 | 127 | | This act shall take effect as follows and shall amend the following sections: |
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| 128 | 128 | | Section 1 from passage and applicable to nonadmitted insurance coverage procured, continued or renewed on or after July 1, 2011 38a-277 |
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| 129 | 129 | | Sec. 2 from passage and applicable to nonadmitted insurance coverage procured, continued or renewed on or after July 1, 2011 38a-743 |
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| 130 | 130 | | Sec. 3 from passage 38a-271(b) and (c) |
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| 131 | 131 | | |
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| 132 | 132 | | This act shall take effect as follows and shall amend the following sections: |
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| 133 | 133 | | |
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| 134 | 134 | | Section 1 |
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| 135 | 135 | | |
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| 136 | 136 | | from passage and applicable to nonadmitted insurance coverage procured, continued or renewed on or after July 1, 2011 |
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| 137 | 137 | | |
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| 138 | 138 | | 38a-277 |
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| 139 | 139 | | |
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| 140 | 140 | | Sec. 2 |
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| 141 | 141 | | |
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| 142 | 142 | | from passage and applicable to nonadmitted insurance coverage procured, continued or renewed on or after July 1, 2011 |
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| 143 | 143 | | |
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| 144 | 144 | | 38a-743 |
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| 145 | 145 | | |
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| 146 | 146 | | Sec. 3 |
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| 147 | 147 | | |
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| 148 | 148 | | from passage |
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| 149 | 149 | | |
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| 150 | 150 | | 38a-271(b) and (c) |
|---|
| 151 | 151 | | |
|---|
| 152 | 152 | | |
|---|
| 153 | 153 | | |
|---|
| 154 | 154 | | FIN Joint Favorable Subst. |
|---|