CID: New Releases (10/26/2017) - Captive Insurance Toolkit A New Resource for Business Owners

{Connecticut Insurance Department}
STATE OF CONNECTICUT
Insurance Department
 
Katharine L. Wade
Commissioner
 
 
FOR IMMEDIATE RELEASE
 CONTACT: 
Donna Tommelleo
 
860-297-3958
October 26th, 2017


Insurance Commissioner: Captive Insurance Toolkit
A New Resource for Business Owners

CT Captive Solutions Can Help Employers Control Costs

Insurance Commissioner Katharine L. Wade today announced that the Insurance Department has launched “CT Captive Solutions for Business” – a new online resource for business owners exploring ways to control insurance costs and manage their risk.

A captive insurer is wholly owned and controlled by a parent company, an association or a group, to insure its own risk. The owner is able to reinvest savings back into the operation.

“Captive insurers are not just for large corporations but can play a very important role for small- and mid-size employers,” Commissioner Wade said. “The Department has the regulatory expertise and consultative approach to help potential captive owners find a solution that may be appropriate for them. The bottom line is we want Connecticut businesses to succeed and grow and the right captive structure could provide just what they need to do so.”

The toolkit includes instructions on licensing a captive in Connecticut, a list of recognized captive managers, FAQs and Insurance Department contacts.
 
 
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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.
 
 
For help with all your insurance issues:
  • Email us at insurance@ct.gov
  • Ask a question or file a complaint online
  • Call the Consumer Helpline at 800-203-3447 or 860-297-3900.
  • Sign up for e-alerts to get the latest news, warnings and rate changes that may affect your premium
  • Download consumer FAQs on health, homeowner and auto coverage
  • Use the Department’s Speakers Bureau for public events.
  • Visit our Web site and follow the Department on Facebook, Twitter or YouTube
 


Content Last Modified on 10/26/2017 10:00:31 AM