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Press Releases - February 2, 2016

 Contact: Donna Tommelleo, 860-297-3958
 
Insurance Commissioner: NY-based business
Establishes Captive Insurance Operations in CT
 

When a mid-sized company known for its specialty concrete work throughout the greater New York City area began exploring ways to control its operating costs, it didn’t have to search far. The solution was right across the state line in Connecticut.

Insurance Commissioner Katharine L. Wade today announced that a RC Structures, of Syosset, N.Y., is basing its captive insurance operations in the state. The new captive, RCX Insurance Company is the 10th licensed captive insurer in Connecticut.

“RC Structures could have chosen nearly 40 others states to establish their captive business but the specialized workforce here in the Insurance Capital and the Department’s regulatory expertise made Connecticut the perfect fit,” Commissioner Wade said. “When a company establishes a captive it is essentially creating its very own insurance company that helps manage risk and control insurance costs.”

A captive insurer is an insurance company organized and owned by a parent firm to managed owner’s risks and control insurance costs. Once an alternative to the commercial insurance market, captives have evolved into strategic financial vehicles used for many different enterprises, such as manufacturing and health care.

“The Department works with businesses of all disciplines and sizes to help control costs through the creation of captives that are well managed and sustainable,” said Janet Grace, program manager for the Department’s Captive Insurance Division. “Our consultative approach to helping firms explore and license captives as part of strategic risk management is attracting businesses both in and outside Connecticut to domicile their captive here.”

Jason Giessel, owner of RC Structures, praised the Department’s thoroughness and efficiency in handling his company’s application.

“The speed at which they responded and the insightful questions the Department asked convinced us that we made the right decision in choosing Connecticut,” Giessel said. “As a result of the expert collaboration from the Department, I feel very confident that our captive insurer will be a very effective management tool for our entire operation allowing us to remain competitive and grow our business.”

The Department’s Captive Division was formed as a result of Governor Malloy’s 2011 legislation and passage by the General Assembly that strengthened the state’s outdated captive insurance law. In less than three years, the Department’s program was named No. 2 in the nation Captive Review, a leading industry magazine.

“Connecticut has the optimal workforce and insurance know-how to continue to grow this segment of the economy and keep Connecticut competitive. Ensuring that our statutes keep pace and provide the latest in regulatory tools is of paramount importance,” said Sen. Joseph Crisco (D-Woodbridge) and Rep. Robert Megna, (D-New Haven) co-chairmen of the Legislature’s Insurance & Real Estate Committee. “We are committed to making certain that policymaking reflects that. That's why the legislature introduced and approved captive insurance legislation several years ago.”

 
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About the Connecticut Insurance Department: The mission of the Connecticut Insurance Department is to protect consumers through regulation of the industry, outreach, education and advocacy. The Department recovers an average of $4 million yearly on behalf of consumers and regulates the industry by ensuring carriers adhere to state insurance laws and regulations and are financially solvent to pay claims. The Department’s annual budget is funded through assessments from the insurance industry. Each year, the Department returns an average of $100 million a year to the state General Fund in license fees, premium taxes, fines and other revenue sources to support various state programs, including childhood immunization.
 
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