1. (a) All policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders delivered in this state shall be filed with the commissioner.

2. (b) The commissioner shall adopt regulations in accordance with the provisions of chapter 54, establishing a procedure for review of such policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders, and shall disapprove any such form at any time if:

   1. (1) The schedule of premium rates charged or to be charged is, by reasonable assumptions and as determined according to benchmark loss ratio calculations, excessive in relation to the benefits provided; or

   2. (2) Such form:

      1. (A) Has a prima facie loss ratio of less than fifty per cent for any single or joint credit life insurance or credit accident and health insurance policy unless the commissioner approves a premium rate deviation for such policy; or
      2. (B) Contains provisions which (i) are unjust, unfair, inequitable, misleading, deceptive, (ii) encourage misrepresentation of the coverage, or (iii) are contrary to any provision of the insurance laws or of any rule or regulation promulgated thereunder.
3. (c) If the commissioner issues an order disapproving the use of such form, such insurer shall not thereafter issue or use such form. In such notice, the commissioner shall specify the reason for his order of disapproval. The provisions of section 38a-19 shall apply to any such order issued by the commissioner.

(1959, P.A. 576, S. 7; P.A. 88-326, S. 8; P.A. 21-137, S. 6.)

History: P.A. 88-326 required the commissioner to adopt regulations establishing a procedure for review of policies and certificates, and rephrased existing provisions; Sec. 38-255 transferred to Sec. 38a-651 in 1991; P.A. 21-137 amended Subsec. (b) by redesignating existing provision re excessive premium rates as Subdiv. (1) and amended same by adding provision re benchmark loss ratio calculations, adding Subdiv. (2)(A) re prima facie loss ratios of less than 50 per cent and exception, and redesignating existing provisions re unjust, unfair, inequitable, misleading or deceptive provisions as Subdiv. (2)(B)(i), existing provision re provisions encouraging misrepresentation of coverage as Subdiv. (2)(B)(ii) and provisions contrary to insurance laws, rules or regulations as Subdiv. (2)(B)(iii) and making technical changes.