The Connecticut Insurance Department has licensed a non-profit captive insurance cooperative focusing on employee health insurance.
CT Prime, the eleventh captive licensed by the department, will be managed by the Capitol Region Education Council (CREC).
It is comprised of several Connecticut municipalities and schools in need of better control over their healthcare costs.
Connecticut Senate insurance and real estate committee co-chairman Joseph Crisco commented: "Connecticut has become a destination for captive insurance companies, and this latest addition has the added benefit of driving down health insurance costs for local school boards, which drives down costs for taxpayers.”
Insurance commissioner Katherine Wade said: “Our captive insurance regulatory unit works collaboratively with applicants to make certain the captive being formed is sustainable and provides the long-term benefits for which it was designed.”
