Conn. Gen. Stat. § 12-356
Determination of value of contingent interest by Insurance Commissioner
The Insurance Commissioner shall, whenever possible, without fee, on the application of the commissioner, determine the value of any interest transferred, including a remainder interest, which is limited, contingent, dependent or determinable upon the life or lives of persons in being, or a term for years, upon the facts submitted with such application and with interest for purposes of such determination at the rate of six per cent per annum; and shall certify the valuation in duplicate to the commissioner, and such certificate shall be competent evidence that the valuation as so determined is correct.
(1949 Rev., S. 2036; P.A. 77-614, S. 163, 610; P.A. 80-482, S. 21, 348; P.A. 83-520, S. 12, 13.)
History: P.A. 77-614 placed insurance commissioner within the department of business regulation and made insurance department a division within the department of business regulation, effective January 1, 1979; P.A. 80-482 deleted reference to abolished department of business regulation; P.A. 83-520, effective July 7, 1983, and applicable to estates of decedents dying on or after said date, added the words “or a term of years” and required the insurance commissioner to include interest at the rate of 6% per annum in the determination of the value of any transferred interest.
PART III
ADMINISTRATION
Source: view the official text
In this chapter (40 sections)
- 12-344a · Additional amount added to tax
- 12-344b · Applicable rates
- 12-345 · Revocable trusts
- 12-345a · Taxation of property transferred by exercise or nonexercise…
- 12-345b · Taxation of property transferred by exercise or nonexercise…
- 12-345c · Taxable transfer made, when
- 12-345d · Lapse of power
- 12-345e · Tax liability for transfer of property subject to general…
- 12-345f · Power created on or before October 21, 1942
- 12-346 · Transfers to executors and trustees in lieu of commissions
- 12-347 · Exemptions
- 12-348 · Declaration by officer of corporation or other entity claiming…
- 12-349 · Gross taxable estate
- 12-349a · Effective date
- 12-350 · Net estate of resident transferors; deductions
- 12-351 · Administration expenses not deductible
- 12-352 · Net estate of nonresident transferor; deductions
- 12-353 · Life estates; annuities
- 12-354 · Estate which may be divested
- 12-355 · Compounding of tax. Contingent remainders
- 12-356 · Determination of value of contingent interest by Insurance…
- 12-357 · Supervision by commissioner
- 12-358 · Reports by clerks of probate courts. Certified copies of wills…
- 12-359 · Reports of representatives of transferors
- 12-363 · Jointly-owned real property; certificate of tax payment
- 12-364 · Certificate of release of lien. Regulations
- 12-365 · Administration on taxable transfer
- 12-366 · Lien for taxes. Regulations
- 12-367 · Computation and assessment of tax; objections thereto. Refund…
- 12-368 · Waiver of hearing on computation of tax
- 12-369 · Action for quieting title to property
- 12-370 · Forms. Reciprocal exchange of information
- 12-371 · Estates of nonresident decedents; cooperation with other states
- 12-372 · Authority to compromise or arbitrate dispute as to decedent's…
- 12-373 · Agreement of compromise to fix amount of tax
- 12-374 · Determination of domicile by arbitration
- 12-375 · Tax due at death
- 12-376 · Payment. Interest. Extensions
- 12-376a · Waiver of interest on tax on certain transfers
- 12-376b · Optional payment in installments up to ten years when…