Connecticut insurance and business leaders are eagerly watching Senate Bill 188 as it makes its way through the state capital. The bill contains provisions updating the state’s captive laws, ensuring they remain on par with those of the top domiciles in the country.
Thomas Hodson, who leads JLT Towner Insurance Management, commented: “For over 200 years, Connecticut has been an innovator in insurance, so these proposed updates are a natural extension of that innovation.”
“If enacted, these changes will keep Connecticut on par with the top domestic domiciles, providing further proof that it intends to become a domestic captive leader.”
Among other provisions, SB 188 offers additional options for companies looking to redomesticate to the state or start a branch captive in Connecticut. The bill gives the state insurance department flexibility in determining reinsurance credits for companies that redomesticate to the state.
