Connecticut Insurance Department
Connecticut Insurance Department’s Fenhua Liu talks about the upcoming CT Captive Insurance Forum and the plans to accelerate the captive growth in the State
The Connecticut Captive Insurance Association has been serving the state’s captive insurance industry since 2011. Could you tell our readers about the association’s key achievements in developing Connecticut as a captive domicile?
Since it was founded in 2011, the Connecticut Captive Insurance Association (CTCIA) has made continual progress in becoming one of the leading advocates in promoting Connecticut as a premier captive domicile of choice.
I joined the Captive Division at the Connecticut Insurance Department in 2013, and have seen how much the CTCIA has accomplished, including the growth of their outreach and education.
The CTCIA has been instrumental in supporting Connecticut Captive legislation for this fast-growing industry. They host a variety of events, like annual conferences, roadshows, breakfast meetings, and other networking events. These events bring people together, educate on captives and help give the Connecticut captive industry more exposure. They also work closely with regulations, providing us with feedback on what the industry needs. With their support, the Department successfully proposed three new captive legislative changes recently. It’s been a real partnership, and their efforts have made a big difference in putting Connecticut on the map as a strong captive domicile.
Connecticut has set an ambitious vision to be recognised as a top three domicile in shaping the captive marketplace evolution. What specific steps is the state taking to achieve this goal, particularly in areas of product innovation and InsurTech integration?
Connecticut has been working hard for many years to establish itself as a top captive insurance domicile. It has been a process of building understanding and collaboration among various stakeholders. In 2019, we had just 16 captives, but that marked the turning point.
That same year Commissioner Andrew Mais joined us to lead the Department. Since then, we’ve made significant changes, including updating our legislation over the past three years, with at least one major update each year.
We also are committed to fostering a business-friendly environment – one that is approachable, and responsive with quality answers using our principles and risk based regulatory approach. Improving the quality of our services and making sure the industry understands our commitment adds to the momentum of what we are trying to accomplish. Additionally, we’ve partnered with various organisations to drive progress, and that collaboration has been key to our success.
Commissioner Mais is a strong advocate for innovation, cost efficiency and competition, and, particularly in leveraging technology. His leadership has helped us address evolving risks like climate change, cybersecurity, and supply chain issues. These efforts over the last four to five years have been instrumental in shaping Connecticut’s growth in the captive market.
A lot has changed since 2019. From just 16 captives and 6 cells, we now have 59 captives and 41 cells, totaling 100 risk-bearing entities. Many companies have moved their captives to Connecticut because of our unique advantages. Our location, for example, is a big draw — we’re close to major hubs like New York, New Jersey, and Boston.
Connecticut also has a strong ecosystem that sets us apart from other domiciles. We have access to leading technology, commercial carriers, service providers, and InsurTech innovators, which creates a collaborative environment. Additionally, our fees are very competitive, thanks to legislative changes.
For example, minimum capital is lower while the Commissioner has authority to ask for more capital based on each captive’s risk profile. Licensing and renewal fees are lower, and we review applications and conduct examinations internally, which saves time and costs for businesses. For pure captives, we’ve even introduced provisions to waive exams further reducing expenses.
It’s no secret that Connecticut is home to many of the largest traditional insurers in the nation. With that comes access to a highly skilled, professional workforce. And our universities and even some high schools are part of a strong educational pipeline to meet the needs of that workforce.
In summary, Connecticut’s strengths lie in its efficiency, cost-effectiveness, experienced regulators, strong ecosystem, pro-captive legislation and strategic location.
These factors, combined with our legislative improvements and innovative approach, are why we’ve seen such strong momentum in recent years.
How has the collaboration between the Connecticut Insurance Department and CTCIA helped strengthen the state’s position in the captive insurance market?
The collaboration between the Connecticut Insurance Department and CTCIA has been instrumental in strengthening the state’s position in the captive insurance market.
As an advisory participant, I regularly attend their quarterly board meetings, which foster open communication. This allows us, as regulators, to understand the needs of the industry while also ensuring they understand our expectations.
Frequent and transparent communication helps us stay aligned with market needs and respond effectively.
Under the commissioner’s leadership and support, we listen carefully and adapt quickly where necessary. This has led to changes in our statutes and regulatory philosophies, ensuring that we are business friendly and maintain high standards to support the long-term success of captives.
There are, of course, challenges. For instance, stakeholders often raise questions about our stance on captives, especially regarding growth or concerns, how captives play a role in the commercial insurance market, what resources the state can provide, and also have some about tax related questions.
To address these, we’ve expanded collaboration beyond CTCIA, holding monthly meetings with other associations and working groups including:
-Connecticut Insurance & Financial Services (CTIFS)
-InsurTech Hartford
-AdvanceCT
-Connecticut Department of Economic and Community -Development (DECD)
-MetroHartford Alliance
-National Network of Accountants (NNA)
These discussions have enabled us to implement responsive changes and build a stronger, more resilient market.
The upcoming CT Captive Insurance Forum is being held at the Connecticut Convention Centre on 28 April 2025. What was the reasoning behind choosing this venue and timing for the event?
InsurTech Hartford has hosted their annual event, the InsurTech Hartford Symposium, for three years now, and it typically draws around 700 to 800 attendees. I attended one of their events a couple of years ago, and I was really inspired. It reminded me of some of the larger conferences like the VCIA or CICA Conference — it was huge and impactful.
That experience gave me the idea of proposing a captive insurance event. I realised that while InsurTech companies focus heavily on risk mitigation, they don’t talk much about risk financing, which is a critical area that often gets overlooked. There’s a clear market need for education around innovative approaches to risk management and insurance solutions, particularly in how to finance those risks.
When I shared this idea with Commissioner Mais, he immediately understood its potential and was very supportive.
With the support of innovative thinkers like InsurTech Hartford’s leader Stacey Brown, we launched it last year and the results were fantastic. We had more than 100 attendees and some truly impressive speakers. Commissioner Mais delivered the keynote address and will do so again this year. Many of the speakers were industry experts who don’t typically participate in other events. The feedback we received was overwhelmingly positive — attendees were impressed with the quality of the discussions and the insights shared. It’s rare to have such polished and knowledgeable speakers all in one place, and it left a lasting impact. That success showed us the value of this event and why it was worth pursuing.
Connecticut’s captive insurance forum is unique in that it builds on the ecosystem already created by InsurTech Hartford. This event integrates captives into a broader context, attracting attendees from all over the world. Connecticut is a hub for commercial carriers, service providers, investment banks, and tech companies.
The forum acts as a complement to the two-day InsurTech Hartford Symposium, serving as day-long (13:00 to 19:00) event held just before it and including a joint open reception for all InsurTech Hartford Symposium and the Captive event attendees
What makes this event special is its comprehensive approach. Attendees get exposure to a wide range of service providers and resources, all in one place. For anyone involved in insurance or risk management, this is a great opportunity to see the full ecosystem in action. With CTCIA’s increased participation, we’re confident that this year’s event will be even more successful.
This year’s forum features sessions on parametric solutions, technological innovations, and the globalisation of risk. How do these topics reflect the current trends and challenges in the captive insurance industry?
When we design the program for the forum, we carefully consider what the industry needs, the latest trends, and what might capture attendees’ interest.
These topics — parametric solutions, technological innovations, and the globalization of risk — were chosen because they directly reflect the evolving challenges and opportunities in the captive insurance space.
For instance, there are ongoing coverage gaps in certain markets or industries, whether it’s deductibles, retention issues, or insufficient capacity.
Captive insurance offers a flexible solution to fill those gaps, addressing risks that commercial carriers might not cover or fully cover, like cyber threats, natural disasters, or climate change-related risks. This trend highlights how captives are no longer seen as competitors to commercial insurers but as complementary tools that businesses rely on to balance their overall risk strategy.
That’s also why we’ve invited insurtech companies and parametric solution providers to participate. Their innovative approaches, like smart contracts or blockchain, using predefined triggers and metrics, bring transparency, efficiency, and fairness to the industry.
Through case studies and real-world examples, we aim to demonstrate how these tools can meet unaddressed needs quickly and effectively while fostering trust among all parties involved. It’s about showing how captives can bridge critical gaps in today’s rapidly changing risk environment.
The event brings together an impressive lineup of speakers, including Connecticut Insurance Commissioner Andrew N. Mais. What key insights and discussions can attendees expect from these industry leaders?
These industry leaders are not only polished and engaging speakers but also highly knowledgeable in their fields. They bring a wealth of expertise and insights, often wishing they had more time to share everything they know. There’s so much valuable information to unpack that we’re already considering expanding next year’s event to include additional tracks or sessions to accommodate more speakers and deeper discussions.
Attendees will gain tremendous insights into the latest developments and challenges in the industry. These speakers address some of the most pressing and complex issues, making their perspectives incredibly valuable.
By attending, participants will not only expand their understanding of the industry but also have the opportunity to network and exchange ideas with others. This event is truly inspiring and full of momentum, offering immense value to anyone looking to stay ahead in the field.
The forum includes dedicated networking breaks and a reception. How important is the networking aspect of this event for industry professionals and potential captive owners?
Networking is incredibly important, which is why we intentionally allocate extra time for it during the event. The opportunity for attendees to connect and converse is invaluable. A significant amount of business and ideas originates from these conversations. This event offers a unique platform for service providers and potential captive owners to engage with each other, fostering discussions that can be followed up afterward.
We anticipate a lot of business opportunities being generated, alongside fresh ideas, questions, and meaningful follow-ups.
That’s the primary purpose of the networking breaks.
The forum is being hosted in partnership with several organisations including InsurTech Hartford. How does this collaborative approach enhance the value proposition for attendees?
This collaboration brings together organisations that excel in their respective areas in Connecticut’s unique ecosystem. Each partner has their priorities and opportunities, but combining their efforts amplifies the impact and value of the forum. This approach draws more attention, generates richer ideas, and creates a platform for meaningful exchanges.
Additionally, there are other events happening in Connecticut that attendees can learn about and participate in, making this forum an ideal opportunity to connect. It’s a chance to meet key players and leaders in person — people attendees might otherwise only know through social media.
For example, organisations like InsurTech Hartford, CTIFS, and CTCIA, and AdvanceCT along with their leadership, will be present.
The event is set to provide a wealth of connections, resources, and information, making it incredibly valuable and efficient, particularly given its timing.
For professionals considering attending the forum, what would you say are the top three benefits they can expect to gain from their participation?
First and foremost, attendees will gain a wealth of knowledge and inspiration. They’ll have the opportunity to learn directly from experts and hear insights on critical issues impacting the industry.
Secondly, they’ll uncover new business opportunities and discover valuable resources they can leverage after the event. Lastly, participants will get to hear directly from Commissioner Mais about his perspective and commitment to growing this industry.
This includes addressing challenges like coverage gaps and fostering competition to lower costs. As the former President of National Association of Insurance Commissioners (NAIC) in 2024 and Vice Chair of the International Association of Insurance Supervisors (IAIS) Executive Committee, Commissioner Mais brings a global perspective to the discussion. He’s deeply aware of coverage gaps issues and is strongly committed to consumer protection. He supports captives as a solution to fill those gaps and address evolving insurance needs and increasing insurance costs.
Overall, attendees can expect a rich exchange of ideas, networking opportunities, and actionable takeaways to implement in their work.
Looking beyond the forum, how does this event fit into Connecticut’s broader strategy for growing its captive insurance market and fostering innovation in the sector?
This event is a great opportunity to communicate directly with the industry, allowing them to hear from us — whether it’s the Commissioner, other service providers, or key stakeholders — about what’s happening in the captive insurance space. At the same time, it sets the stage for building stronger collaborations in the future.
Developing a thriving captive market in Connecticut takes time, and from my 12 years of experience, I’ve seen how important it is to bring together diverse stakeholders to understand each other and collaborate, each with their own strengths and expertise.
Some people may not fully understand captives or may only be familiar with certain aspects, so it’s important to address any uncertainties and share insights. Events like this help people connect the dots and see the bigger picture.
By listening to the exceptional speakers we have assembled – experts with deep knowledge of the industry on both a national and global level – attendees can better understand the opportunities and innovations shaping the sector.
It’s all part of how we’re fostering growth and driving innovation in Connecticut’s captive insurance market.
