Connecticut’s Governor Dannel Malloy has signed Senate Bill 188 (SB 188) into law, updating the state’s captive insurance regulations.
"After having been passed unanimously by both houses of the General Assembly, Governor Malloy's enactment of SB 188 should reinforce the message that Connecticut intends to be a progressive partner in helping businesses control the cost of risk and better manage their capital," said Thomas Hodson, president of the Connecticut Captive Insurance Association (CCIA).
SB 188 updates Connecticut's existing captive statutes to include a streamlined procedure for companies to re-domesticate their captive to Connecticut, making it easier for captives to relocate to the state.
It also contains significant expansion of the types of coverage that can be written by branch captives in the state.
SB 188 allows the insurance commissioner the discretionary authority to allow captives to take credit for reinsurance not otherwise eligible under existing Connecticut law.
"For over 200 years, Connecticut has been an innovator in risk management, so these updates to the existing captive law are a natural continuance of that innovation," said Hodson.
