Section 32-13-15 - Form of insurance contract(a)Procedure. Upon compliance with the terms and conditions of a commitment, the commission shall execute a contract to insure the mortgage payments.(b)Effect of execution. From the date of execution, the commission and mortgagee shall be bound by such contract, and the faith and credit of the state are pledged thereto.Conn. Agencies Regs. § 32-13-15