Connecticut Amends Law Concerning Captive Insurers

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Connecticut has amended its law concerning captive insurers doing business in the state to include, in part, a new provision on how foreign captive insurers can become Connecticut domestic companies and revisions on how captive insurers can take credit for certain reinsurance risk. The law defines a “captive insurer” as “an insurance company owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, an insurance organization owned by the insureds whose exclusive purpose is to insure risks of member organizations and group members and their affiliates.” The changes to the law become effective October 1, 2014. Conn. Sub. Senate Bill No. 188, Public Act No. 14-6.

 

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