General Assembly Raised Bill No. 5235
February Session, 2016 LCO No. 1086
*01086_______INS*
Referred to Committee on INSURANCE AND REAL ESTATE
Introduced by:
(INS)
General Assembly
Raised Bill No. 5235
February Session, 2016
LCO No. 1086
*01086_______INS*
Referred to Committee on INSURANCE AND REAL ESTATE
Introduced by:
(INS)
AN ACT CONCERNING SURETY BAIL BOND AGENTS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subsection (k) of section 38a-660 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2016):
(k) (1) (A) To further the enforcement of this section and sections 38a-660b to 38a-660m, inclusive, as amended by this act, and to determine the eligibility of any licensee, the commissioner may, as often as the commissioner deems necessary, examine the books and records of any such licensee. Each person licensed as a surety bail bond agent in this state shall, on or before January thirty-first, annually, pay to the commissioner a fee of four hundred fifty dollars to cover the cost of examinations under this subsection.
(B) If such person fails to pay such fee on or before January thirty-first, annually, the license of such person shall automatically expire on the February first immediately following, provided the commissioner shall immediately reinstate any such license if the commissioner receives such fee not later than ten days after such expiration.
(C) The commissioner shall timely notify, annually, each person licensed as a surety bail bond agent in this state about such automatic expiration provision.
(2) The fees received by the commissioner pursuant to subdivision (1) of this subsection shall be dedicated to conducting the examinations under said subdivision (1) and shall be deposited in the account established under subdivision (3) of this subsection.
(3) There is established an account to be known as the "surety bail bond agent examination account", which shall be a separate, nonlapsing account within the Insurance Fund established under section 38a-52a. The account shall contain any moneys required by law to be deposited in the account and any such moneys remaining in the account at the [close of the fiscal] end of each calendar year shall be transferred to the General Fund.
Sec. 2. Section 38a-660m of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2016):
The commissioner may adopt regulations, in accordance with the provisions of chapter 54, to (1) implement the provisions of section 38a-660, as amended by this act, and sections 38a-660b to 38a-660k, inclusive, and (2) establish continuing education requirements for persons licensed as surety bail bond agents in this state.
This act shall take effect as follows and shall amend the following sections:
Section 1 October 1, 2016 38a-660(k)
Sec. 2 October 1, 2016 38a-660m
This act shall take effect as follows and shall amend the following sections:
Section 1
October 1, 2016
38a-660(k)
Sec. 2
October 1, 2016
38a-660m
Statement of Purpose:
To (1) impose an automatic cancellation of a surety bail bond agent's license if such agent has not paid the annual examination fee by January thirty-first, (2) change the time of transfer of funds in the surety bail bond agent examination account from the close of the fiscal year to the end of the calendar year, and (3) authorize the Insurance Commissioner to adopt regulations establishing continuing education requirements for surety bail bond agents.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]