Captive Insurance Regulation
Since the passage of Connecticut’s captive law in 2008, Connecticut has quickly distinguished itself as a world class captive domicile and as a center for innovation in captive formation and thinking. The captive insurance environment in Connecticut is indeed growing, vibrant and responsive. (Read more....)
DEFINITIONS: A captive insurance company is wholly owned and controlled by a parent company or association, and operates to insure the parent’s own risks. In Connecticut, a captive is defined as any pure captive insurance company, association captive insurance company, industrial insured captive insurance company, risk retention group, sponsored captive insurance company, or special purpose financial captive insurance company that is domiciled in the state and formed or licensed under the provisions of the Connecticut Insurance Statues and Regulations.
CAPTIVE INSURANCE DIVISION: The Captive Insurance Division evaluates licenses, regulates and examines the captive insurers and risk retention groups in the alternative risk market for the State of Connecticut. The alternative risk insurance market refers to a number of risk funding techniques, such as self-insurance, paid loss plans, insurance purchasing groups, and risk retention groups that are outside the scope of that provided by most traditional Property & Casualty or Life & Health insurers.
THE LICENSING & APPROVAL PROCESS
- License Application Form
- Biographical Affidavit
- Sample Letter of Credit
- Corporate Governance Guidance
- CT Tax Return Forms
- Applications for Recognition:
- Application for Admittance:
- Risk Purchasing Groups
- Application to Register as a Risk Purchasing Group
- Power of Attorney Form (RPG-1)
- Acknowledgement Receipt of Bulletin No. 21
- Bulletin L-21 Licensing requirements applicable to persons soliciting or marketing insurance and for handling claims
- Licensing Requirements for Persons Involved with Motor Vehicle Servicing Agreements
- Risk Retention Groups
- Risk Purchasing Groups
- $800 application fee
- $375 annual license fee
- License Renewal and fee due on or before April 1 of each year;
- Premium Tax Filing and Payment due on or before March 1 of each year for Direct premium taxes and March 31 for Assumed premium taxes;
- Annual Report due dates – please see Bulletin No. FS-4C-15 linked below;
- Audited financial statements:
- December 31 Year End – June 1.
- Fiscal Year End – 150 days after fiscal year end.
- FS-4C-18: Financial Reporting For CAPTIVE INSURERS
- FS-4RR-18: Financial Reporting For RISK RETENTION GROUPS
Captives News Archives
- October 4, 2017 - Governor Announces Charter Communication Captive
- 2015 Connecticut Captive Insurance Association Symposium
- 2014 Connecticut Captive Insurance Association Symposium
- Connecticut State Legislature Adopts Captive Statute Modifications
- Captive Insurance Day at the Capitol - The emerging captive insurance industry and its regulation in Connecticut were on display during Captive Insurance Day at the state Capitol on April 15, 2014.
- October 10, 2013 - NY-Based Grocer Establishes Captive Insurance Subsidiary in CT
- June 2013 - Captive Insurance Company Reports: The Connecticut Domicile
- September 13, 2012 - Stanley Black & Decker Moves Captive Insurer From VT to CT
- August 2, 2012 - TRRMI Becomes CT’s First Captive Insurer