To provide protection for persons covered under section 38a-860, subject to certain limitations, against failure in the performance of contractual obligations under life, health and annuity policies, plans or contracts specified in section 38a-860 due to the impairment of the insurer issuing such policies, plans or contracts, an association of member insurers is created to enable the guaranty of payment of benefits and of continuation of coverages. Members of the association are subject to assessment to provide funds to carry out the purpose of sections 38a-858 to 38a-875, inclusive, and the association is authorized to assist the commissioner in the prescribed manner in the detection and prevention of insurer impairments.
(1972, P.A. 280, S. 2; P.A. 18-13, S. 1.)
History: Sec. 38-302 transferred to Sec. 38a-859 in 1991; P.A. 18-13 substituted “persons covered under section 38a-860” for “policyowners, insureds, beneficiaries, annuitants, payees and assignees of life insurance policies, health insurance policies, annuity contracts, and supplemental contracts”, added “under life, health and annuity policies, plans or contracts specified in section 38a-860”, replaced “association of insurers” with “association of member insurers”, and made a conforming change, effective July 1, 2018.