Captive Insurance Regulation
INTRODUCTION: A “captive insurance company” is defined as any pure captive insurance company, association captive insurance company, industrial insured captive insurance company, risk retention group, sponsored captive insurance company, or special purpose financial captive insurance company that is domiciled in the State of Connecticut (State) and formed or licensed under the provisions of the Insurance Statues and Regulations of the State.
CAPTIVE INSURANCE DIVISION:
The Captive Insurance Division evaluates licenses, regulates and examines the captive insurers and risk retention groups in the alternative risk market for the State of Connecticut. The alternative risk insurance market refers to a number of risk funding techniques, such as self-insurance, paid loss plans, insurance purchasing groups, and risk retention groups that are outside the scope of that provided by most traditional Property & Casualty or Life & Health insurers. Read more on the Captive Insurance Division
THE LICENSING & APPROVAL PROCESS
- $800 application fee
- $375 annual license fee
- License Renewal and fee due on or before March 1 of each year;
- Premium Tax Filing and Payment due on or before March 1 of each year;
- Annual Report due on or before March 1 of each year.
- Audited financial statements due on or before April 1 of each year.
Content Last Modified on 5/9/2013 2:17:53 PM