Step 1

Applicant must be aware of Connecticut’s state-specific requirements available at:

Captive Insurance Company Application Process (Text Only)

Captive Insurance Company Application Process Flowchart

Captive Corporate Governance

Applicant is expected to prepare documents necessary for its Application: CT Captive License Application Form for a list of items including feasibility study and business plan.

Applicant is expected to provide the most current and accurate information available at the time of filing. Any material changes to the information provided must be disclosed to the CID when available.

Step 2

CID will issue Certificate of Formation letter for public good.

After receiving the Certificate of Formation, present it and the documents necessary for organization to Connecticut Office of the Secretary of the State along with the appropriate fee in order to organize the captive.

Step 3

Have your CPA complete the Certified Public Accountant to perform audits and have your actuary complete the Request for Actuary Loss Reserve Certification Recognition if they are not already been listed on Recognized Captive Service Providers in Connecticut.

Step 4

The application review process consists of the following steps:

1. Within the first two business days of filing the application, the CID will assign the captive to an analyst.
2. Within two business days, the Analyst will review the application for completeness using a checklist and send the Director for any questions, comments or outstanding items.
3. The Director will review, edit and forward the Applicant for questions or outstanding items that are needed.
4. After additional information has been submitted or the filing has been determined to be complete, the Analyst performs a financial, operational and risk profile review of the application. This process is expected to take up to 5 business days, depending on the risk profile and complexity of the captive.
5. A peer or supervisory review, as needed, will be completed within 5 business days.
6. Notification of CID’s decision of approval or denial will be issued immediately after final supervisory review. If CID’s decision is to deny the application, the company will be given an opportunity to withdraw their application prior to a formal denial.
7. The CID is always available to answer questions before, during, or after the company files its application. The best form of communication is through email or Microsoft Teams virtual meetings.