Purpose:
This Service Level Objective (“SLO”) establishes the expectations for both the Applicant and the Connecticut Insurance Department (“CID”) relating to the filing of an Expansion Application with the CID for the purpose of obtaining a Certificate of Authority to conduct insurance business in the state of Connecticut. Significantly, this SLO also outlines the timeframes for completion of certain administrative and regulatory procedures involved in CID’s review of the application filing and sets forth standards for communication.
Expectations for Applicant:
- Applicant is expected to make a complete filing of its Expansion Application on the National Association of Insurance Commissioners (NAIC) Uniform Certificate of Authority Application (UCAA) Portal at: https://content.naic.org/industry/ucaa/expansion-application.
- Applicant must be aware of Connecticut’s state-specific requirements available at: https://portal.ct.gov/cid/insurance-industry-information/how-to-apply-for-or-amend-a-certificate-of-authority.
- Applicant is expected to be familiar with Connecticut insurance laws (https://www.cga.ct.gov/current/pub/title_38a.htm), regulations (https://eregulations.ct.gov/eRegsPortal/Browse/RCSA/Title_38a/), and bulletins (https://portal.ct.gov/cid/department-resources/bulletins).
- Applicant is expected to provide the most current and accurate information available at the time of filing. Any changes to the information provided must be immediately disclosed to the CID.
- Applicant must provide a detailed plan of operations that clearly describes the business plan for its business in Connecticut.
- The Applicant can track the status of its filing and the CID’s progress in reviewing the filing on the UCAA portal.
- Questions about the status of an application or requests for a meeting should be directed to and addressed through the assigned Licensing Analyst. Licensing Analysts will ensure that the appropriate senior staff is involved when necessary.
- The goal of the CID is to complete its review of the Expansion Application between 45 and 60 business days following receipt of a complete application.
- Based on the circumstances of a particular application, it may be necessary for the CID to request additional information. Please be advised that anytime the CID requests additional information, the CID suspends the 45 to 60-business day review goal until the requested information is provided by the Applicant. Once provided, review resumes.
- The Expansion Application review process consists of the following steps:
- Within the first 10 days of filing the NAIC UCAA expansion application, CID will:
- Assign the company to a Licensing Analyst.
- Review the application for completeness.
- Send a letter to the company acknowledging receipt of the filing and listing any outstanding items that may not have been included in the initial filing.
- Perform a Preliminary Analysis to determine the risk profile of the company from a financial and operational perspective.
- A financial and operational review of the application will begin within 5 days after the filing has been determined to be complete. This process is expected to take between 25 and 40 days, depending on the risk profile and complexity of the company.
- A peer review and supervisory review will be completed within 10 days of the completion of the financial and operational review.
- Notification of CID’s decision of approval or denial will be issued immediately after final supervisory review. If CID’s decision is to deny the application, the company will be given an opportunity to withdraw their application prior to a formal denial.
- Within the first 10 days of filing the NAIC UCAA expansion application, CID will:
- The CID is always available to meet with the company before, during, or after the company files its application. The best form of communication is through email or Microsoft Teams virtual meetings.
Insurance Department Contact Information
Assigned Licensing Analyst:
Name: TBD
Email: TBD
Other Contacts:
Jack Broccoli
Assistant Deputy Director for Financial Analysis
jack.broccoli@ct.gov
William (Bill) Mitchell
Insurance Certified Supervising Examiner
william.mitchell@ct.gov