The New Captive Revolution – Connecticut as a Domicile for Captive Insurance
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.
Connecticut has established a reputation as a place where the commitment of CT regulators to support and foster the growth of captives is second to none. The Captive Division of the State of Connecticut Insurance Department uniquely works beyond a pure regulatory regime and focuses on enabling captive owners to create a sustainable risk financing vehicle as a captive insurance subsidiary. The objective is to attract captives to the state, which form part of the owner’s strategic initiatives and finance structure.
In Connecticut the captive regulatory process extends beyond regulatory regimes in managing liquidity, solvency and compliance. It also takes a principle-based focus on governance, strategic intent and value creation for the captive insurance entity. Therefore, Connecticut has become a captive domicile that is able to understand complex financial structures and facilitate the development of innovative and responsive risk solutions for captive owners.
The future of captive insurance is incredibly positive and Connecticut is uniquely positioned to leverage deep talent in the insurance sector for the benefit of captive owners. Whether it be through our state-of-the art captive law, our robust base of experienced service providers, or our already established history as the center of insurance in the United States, Connecticut has become the “domicile of choice” when it comes to innovative, creative, and business friendly solutions to the self-insurance of risk across all business sectors.
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