Penalties for Late Filing of Annual and Quarterly Financial Statements to be Filed with the Insurance Department

STATE OF CONNECTICUT INSURANCE DEPARTMENT BULLETIN FS - 16 - 07 October 16, 2007 TO: All lnsurance Companies, Fraternal Benefit Societies and Health Care Centers Authorized to Conduct Business in Connecticut RE: Penalties for Late Filing 07 Annual and Quarterly Financial Statements to be Filed with the lnsurance Department This Bulletin amends and supercedes Bulletin FS - 16 - 07 - dated October 5, 2007. These requirements are effective beginning with annual statement filings for year-end December 31, 2007. Sections 38a-53(e) and 38a-614(8) of the Connecticut General Statutes, as amended by Public Act No. 07-225, impose monetary penalties on any insurance company, fraternal benefit society or health care center licensed in Connecticut which fails to file with the lnsurance Commissioner ("Commissioner") its annual statement or quarterly statement in a timely manner. In addition, Conn. Gen. Stat. Sections 38a-53(e) and 38a-614(8), as amended by Public Act No. 07-225, require the statements to be complete and filed electronically with the National Association of lnsurance Commissioners ("NAIC"). Domestic companies and fraternals that file on time with the NAIC must continue to submit paper copies of the filings to the Commissioner; foreign companies and fraternals submitting timely filings electronically to the NAlC are not required to provide paper copies to the Commissioner. Any such entity which fails to file its annual statement by the first of March of each year, or its quarterly statement by forty-five days after the end of each quarter, shall pay a late filing fee of one hundred dollars ($1 00) per day for each day the statement remains outstanding after its due date. / Domestic Entities: In assessing such statutory penalties, the lnsurance Department will consider an annual statement or quarterly statement as being filed on the date postmarked'by the United States Postal Service. Statements sent by private delivery service will be considered filed on the date physically received by the Department. Foreign Entities: In assessing such statutory penalties, the lnsurance Department will consider an annual statement or a quarterly statement as being filed on the date electronically received by4he National Association of lnsurance Commissioners. Please contact the lnsurance Department Financial Analysis Division, 860-297- 3814 or ctinsdept.financial@ct.gov with any questions about this bulletin. /f&/ Thomas R. Sullivan lnsurance Commissioner www.ct.gov/cid P.O. Box 816 Hartford, CT 06142-0816 An Equal Opportunity Employer L