Connecticut § 38a-908 (Formerly Sec. 38-426). Cooperation of officers, owners and employees. Penalties.

Connecticut Statutes

§ 38a-908 — (Formerly Sec. 38-426). Cooperation of officers, owners and employees. Penalties.

Connecticut·Title 38a Insurance·Ch. 704c Insurers Rehabilitation and Liquidation Act and Termination of Domestic Life Insurance Companies

(a)Any present or former officer, manager, director, trustee, owner, employee or agent of any insurer, or any other persons with authority over or in charge of any segment of the insurer's affairs, shall cooperate with the commissioner in any proceeding under this chapter or any investigation preliminary to the proceeding. As used in this section, “person” includes any person who exercises control directly or indirectly over activities of the insurer through any holding company or other affiliate of the insurer; and “to cooperate” includes, but is not limited to, the following:

(1)To reply promptly in writing to any inquiry from the commissioner requesting such a reply; and (2) to make available to the commissioner any books, accounts, documents, or other records or information or proper

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(a) Any present or former officer, manager, director, trustee, owner, employee or agent of any insurer, or any other persons with authority over or in charge of any segment of the insurer's affairs, shall cooperate with the commissioner in any proceeding under this chapter or any investigation preliminary to the proceeding. As used in this section, “person” includes any person who exercises control directly or indirectly over activities of the insurer through any holding company or other affiliate of the insurer; and “to cooperate” includes, but is not limited to, the following: (1) To reply promptly in writing to any inquiry from the commissioner requesting such a reply; and (2) to make available to the commissioner any books, accounts, documents, or other records or information or property of or pertaining to the insurer and in the person's possession, custody or control. (b) No person shall obstruct or interfere with the commissioner in the conduct of any delinquency proceeding or any investigation preliminary or incidental thereto. (c) This section shall not be construed to abridge otherwise existing legal rights, including the right to resist a petition for liquidation or other delinquency proceedings, or other orders. (d) Any person included within subsection (a) of this section who fails to cooperate with the commissioner, or any person who obstructs or interferes with the commissioner in the conduct of any delinquency proceeding or any investigation preliminary or incidental thereto, or who violates any order the commissioner issued validly under sections 38a-903 to 38a-961 , inclusive, may: (1) Be sentenced to pay a fine not exceeding ten thousand dollars or imprisoned not more than one year, or both; or (2) after a hearing, be subject to a civil penalty not to exceed twenty-five thousand dollars and the revocation or suspension of any insurance licenses issued by the commissioner.

Connecticut § 38a-908 ((Formerly Sec. 38-426). Cooperation of officers, owners and employees. Penalties.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

(P.A. 79-382, S. 6; P.A. 92-93, S. 5; P.A. 08-178, S. 46; P.A. 18-158, S. 9.) History: Sec. 38-426 transferred to Sec. 38a-908 in 1991; P.A. 92-93 made technical corrections for statutory consistency; P.A. 08-178 amended Subsec. (d) by making technical changes and increasing maximum civil penalty in Subdiv. (2) from $10,000 to $25,000; P.A. 18-158 amended Subsec. (a) by adding “present or former” re officer, manager, director, trustee, owner, employee or agent of insurer and made technical changes.