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Press Releases - June 9, 2016

 Contact: Donna Tommelleo, 860-297-3958
 
Insurance Commissioner: Newly Licensed Captive Insurer
Will Help Municipalities Control Health Care Costs
 

Insurance Commissioner Katharine L. Wade today announced that the Department has licensed a non-profit captive insurance cooperative comprising several Connecticut municipalities and school districts that will give communities greater control of their health insurance costs.

“The Department is pleased we can help provide the creative solutions that captive insurers offer to businesses and organizations in help managing their bottom line,” Commissioner Wade said. “Our captive insurance regulatory unit works collaboratively with applicants to make certain the captive being formed is sustainable and provides the long-term benefits for which it was designed.”

CT Prime, the new cooperative, will be managed by the Capitol Region Education Council (CREC). CREC organized the cooperative to help municipalities who self-insure their employee health insurance. Towns that self-insure pay their own medical claims up to a certain threshold, but once that is exceeded, the towns have a “stop-loss” insurance policy through a private insurer to pay the rest. CT Prime will now give member towns more bargaining power with private insurers to get better rates.

CT Prime is the 11th captive licensed by the Department since Connecticut began licensing captives during the Malloy Administration.

“Delivering efficiencies is critical. We are very fortunate in Connecticut to have the expertise of the insurance and financial sectors, which can help set up and appropriately manage subsidiaries like this one and save people dollars,” Governor Dannel P. Malloy said. “Without question, Connecticut is the insurance capital of the world.”

“We know there is savings in numbers, and forming CT Prime will undoubtedly give municipal and school officials broader purchasing power, an essential tool in managing costs for taxpayers. We greatly appreciated the Insurance Department’s expert guidance as we went through the licensing process,” said Greg J. Florio, Ed.D., Executive Director of CREC, which has an Office for Regional Efficiencies that oversees the operation of the cooperative.

The co-chairmen of the Legislature’s Insurance and Real Estate Committee also praised the formation of CT Prime.

"Connecticut has become a destination for captive insurance companies, and this latest addition has the added benefit of driving down health insurance costs for local school boards, which drives down costs for taxpayers," said Senate Co-Chairman Sen. Joseph J. Crisco, Jr. (D-Woodbridge). "I want to thank Governor Malloy and Commissioner Wade for their hard work and commitment in making Connecticut such an attractive place for captive insurance companies to do business."

“Our captive insurance laws keep Connecticut in the forefront of the industry. It is extremely gratifying to see solutions such as this non-profit cooperative emerge from our thoughtful and deliberative efforts,” said House Co-Chairman Rep. Robert Megna (D-New Haven).

 
Media Contact for CREC:
Amanda Falcone (860) 509-3663
afalcone@crec.org
 
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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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