Bill Text: CT SB01118 | 2011 | General Assembly | Introduced
Bill Title: An Act Clarifying Single Premium Linked Insurance Products.
Spectrum: Committee Bill
Status: (Introduced - Dead) 2011-03-21 - File Number 122 [SB01118 Detail]
Download: Connecticut-2011-SB01118-Introduced.html
General Assembly |
Raised Bill No. 1118 | ||
January Session, 2011 |
LCO No. 3779 | ||
*03779_______INS* | |||
Referred to Committee on Insurance and Real Estate |
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Introduced by: |
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(INS) |
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AN ACT CLARIFYING SINGLE PREMIUM LINKED INSURANCE PRODUCTS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 38a-458a of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
Notwithstanding the provisions of sections 38a-430, 38a-481 and 38a-501, or any regulation adopted pursuant to said sections, an insurer licensed for both life and health insurance in this state may combine the following coverages, by rider or otherwise, within a [single-premium] single premium policy or contract: (1) Life or endowment insurance or annuity, survivorship annuity or pure endowment insurance; and (2) long-term care insurance. Such rider to such combined coverage policy or contract may be funded by a monthly charge deducted from the single premium payment on the base policy or contract.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
from passage |
38a-458a |
Statement of Purpose:
To clarify the funding method for certain combined policies or contracts.
[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.]