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Substitute House Bill No. 5433

PUBLIC ACT NO. 96-51

AN ACT CONCERNING LIFE AND HEALTH INSURANCE POLICIES.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Section 38a-430 of the general statutes is repealed and the following is substituted in lieu thereof:

(a) No life insurance or annuity policy or contract shall be delivered or issued for delivery to any person in this state, nor shall any application, rider or endorsement be used in connection therewith, until a copy of the form thereof shall have been filed with and approved by the commissioner. The commissioner shall adopt regulations in accordance with the provisions of chapter 54, establishing a procedure for review of such policies. The commissioner shall issue an order disapproving the use of any such form at any time if it does not comply with the requirements of law, or if it contains a provision or provisions which are unfair or deceptive or which encourage misrepresentation of the policy. The commissioner shall specify the reason for his disapproval. The provisions of section 38a-19 shall apply to any such order issued by the commissioner.

(b) NOTHING IN THIS CHAPTER SHALL PRECLUDE THE ISSUANCE OF A LIFE INSURANCE CONTRACT, INCLUDING BUT NOT LIMITED TO A LONG-TERM CARE POLICY AS PROVIDED IN SECTION 38a-458, WHICH INCLUDES AN OPTIONAL HEALTH INSURANCE RIDER, PROVIDED, THE OPTIONAL HEALTH INSURANCE RIDER MUST BE FILED WITH AND APPROVED BY THE INSURANCE COMMISSIONER PURSUANT TO SECTION 38a-481, AS AMENDED BY SECTION 2 OF THIS ACT. ANY COMPANY OFFERING SUCH POLICIES FOR SALE IN THIS STATE SHALL BE LICENSED TO SELL HEALTH INSURANCE IN THIS STATE PURSUANT TO THE PROVISIONS OF SECTION 38a-41.

Sec. 2. Section 38a-481 of the general statutes is amended by adding subsection (g) as follows:

(NEW) (g) Nothing in this chapter shall preclude the issuance of an individual health insurance policy, which includes an optional life insurance rider, provided, the optional life insurance rider must be filed with and approved by the Insurance Commissioner pursuant to section 38a-430, as amended by section 1 of this act. Any company offering such policies for sale in this state shall be licensed to sell life insurance in this state pursuant to the provisions of section 38a-41.

Sec. 3. Section 38a-513 of the general statutes is amended by adding subsection (c) as follows:

(NEW) (c) Nothing in this chapter shall preclude the issuance of a group health insurance policy, which includes an optional life insurance rider, provided, the optional life insurance rider must be filed with and approved by the Insurance Commissioner pursuant to section 38a-430, as amended by section 1 of this act. Any company offering such policies for sale in this state shall be licensed to sell life insurance in this state pursuant to the provisions of section 38a-41.

Approved May 2, 1996. Effective October 1, 1996.

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