The Connecticut Captive Insurance Association (CTCIA) welcomed business owners, industry leaders, and insurance professionals from Greater Boston to the first stop of its regional tour.
In the event, held at KPMG headquarters in Boston, guests were provided with an overview of captive insurance, their applications, collaboration examples, as well as insights on tax and accounting details associated with captive insurance entities.
Connecticut leaders also shared information about the benefits of the domicile and the path to establishing a captive in Connecticut.
Speakers highlighted the state's recent legislative updates, including Connecticut House Bill 5503, which concerns insurance market conduct and licensing, the insurance department's technical corrections, and other revisions to the insurance statutes and captive insurance.
The amended law introduced a new measure that will allow a business that initially insured its business through a protected cell, the ability to create and form its own pure captive insurance company, without any impact on the assets, rights, benefits, obligations, and liabilities of the protected cell.
P.J. Cimini, president of CTCIA, stated: “We were extremely pleased with the turnout and excitement for this inaugural event held in Boston, our neighbour to the north.
“The outpouring of interest in support by Massachusetts companies and leaders in Connecticut as a captive insurance domicile option was heartening.”
Meanwhile, Fenhua Liu, assistant deputy commissioner of captive insurance at the Connecticut Insurance Department, remarked: "The Connecticut captive insurance domicile provides a unique opportunity for innovative captive owners, managers, and companies to establish and grow in a strong regulatory environment.
"As one of the fastest growing domiciles in the country, I was pleased to speak at this event and spread the great news about the Connecticut ‘captive advantage’ that we provide."
Kerry Wood, Connecticut state representative and house chair of the Insurance Committee, commented: “Connecticut’s business-friendly insurance environment, with strong in-state workforce support, continues to prove itself as one of the top captive locations in the world.
“I was proud to join with regulators, business leaders, and the CTCIA to share the great message of Connecticut as a destination for insurance and financial services and to continue to support the growing captive insurance industry in Connecticut throughout Massachusetts and New England by ensuring the state maintains a competitive edge.”
