CID: Captive Insurance Regulation

Janet Grace, Program Manager
860-297-3813
janet.grace@ct.gov

{Connecticut Insurance Department}
STATE OF CONNECTICUT
Insurance Department
 
Katharine L. Wade
Commissioner
 
 
FOR IMMEDIATE RELEASE
 CONTACT: 
Donna Tommelleo
 
860-297-3958
January 27th, 2016


Janet Grace, Veteran Risk Specialist Heads Up
Connecticut Captive Insurance Regulatory Unit

{Janet Grace}  

Insurance Commissioner Katharine L. Wade has announced that Janet Grace, a veteran risk specialist with more than 20 years of experience, is overseeing the Department’s Captive Insurance Unit.

“Janet is a proven leader and widely respected for her expertise,” Commissioner Wade said. “As the interest in Connecticut captives continues to grow, Janet’s knowledge of the industry and her creative and consultative approach are the perfect combination for companies seeking to domicile their captives in the state.

A former consultant for Towers Watson, Grace has done extensive work in risk identification and coverage analysis, business process redesign, risk financing, strategic business planning, underwriting and reinsurance. She also spent 20 years with The Hartford where she was a senior account executive and underwrote business in a number of core units, including risk management.

“Captives provide outstanding opportunities for firms of all disciplines and sizes looking to manage their costs and the Connecticut captive unit is there to help them every step of the way,” Grace said. “Our consultative approach helps firms explore what works best for their strategic risk management and as a result we are attracting businesses both inside and outside Connecticut.”
 


Still Revolutionary: The State of Captive Insurers

Connecticut is taking a unique approach to the captive market – different from other US and non-US domiciles.  As the “insurance capital” in the US, the Captive Division of the State of Connecticut Insurance Department is working beyond a pure regulatory regime, and focusing 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. (Read more....)


DEFINITIONS: A captive insurance company is wholly owned and controlled by a parent company or association, and operates to insure the parent’s own risks. In Connecticut, a captive 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 and formed or licensed under the provisions of the Connecticut Insurance Statues and Regulations.

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


Forms

Applications for Recognition:


Fees
  • $800 application fee
  • $375 annual license fee

Deadlines
  • License Renewal and fee due on or before April 1 of each year;
  • Premium Tax Filing and Payment due on or before March 1 of each year for Direct premium taxes and March 31 for Assumed premium taxes;
  • Annual Report due dates – please see Bulletin No. FS-4C-15 linked below;
  • Audited financial statements:
    • December 31 Year End – June 1.
    • Fiscal Year End – 150 days after fiscal year end.

BULLETINS

OTHER RESOURCES
 
Captives News Archives


Content Last Modified on 1/27/2016 3:53:00 PM