Bill Text: CT SB01118 | 2011 | General Assembly | Comm Sub

---

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-Comm_Sub.html

---

General Assembly		Raised Bill No. 1118
January Session, 2011		LCO No. 3779
		*_____SB01118INS___031011____*
Referred to Committee on Insurance and Real Estate
Introduced by:
(INS)

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 Section 38a-458a of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):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

INS

Joint Favorable