In Connecticut, what is the maximum percentage of total premiums that annual premiums collected on controlled business can represent?

In Connecticut, the regulation concerning controlled business limits the amount of total premiums that can come from business that an insurance producer has a significant influence over. This is intended to prevent potential conflicts of interest where an agent might prioritize their own financial gain over the interests of their clients. The law stipulates that annual premiums collected on controlled business cannot exceed 10% of the producer's total premium volume.

This percentage allows for some flexibility for agents who may have a few clients that they have a closer connection with while ensuring that the majority of their business is earned from a wider base of clients. By capping controlled business premiums at this level, regulators strive to maintain fair and ethical practices in the insurance market, promoting a competitive environment while safeguarding consumer interests.