§ 38a-288 — (Formerly Sec. 38-33). Insurance sold in connection with installment contracts and loans.

The commissioner shall adopt regulations, in accordance with the provisions of chapter 54, governing insurance on personal property sold under installment or deferred payment contracts or on personal property pledged as security for a loan and governing any other insurance sold in connection with such installment or deferred payment contracts or loans. Such regulations may prescribe (1) the form of notice and policy to be furnished the purchaser or borrower and the prominence with which any exceptions, restrictions or limitations shall appear in such notice or policy, (2) the records to be maintained by insurance companies, (3) the manner in which single-interest and dual-interest insurance coverage may be used when written at the expense of the purchaser or borrower, (4) the right of the purchaser or borrower to notice of any change in his insurance coverage and to dividends and unearned premiums thereon, and (5) the manner in which premiums on such policies and losses or claims thereunder shall be paid or adjusted.

Legislative History

(1953, S. 2798d; 1957, P.A. 131, S. 1; P.A. 88-69; P.A. 13-134, S. 11.) History: P.A. 88-69 permitted the insurance commissioner to regulate the manner in which dual-interest insurance coverage may be used when written at the expense of the purchaser or borrower; Sec. 38-33 transferred to Sec. 38a-288 in 1991; P.A. 13-134 made technical changes. Annotation to former section 38-33: Under department regulations, Sec. 38-33-5, there shall be no subrogation on any single interest policies. 2 Conn. Cir. Ct. 333.