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7 June 2023Analysis
Connecticut passes pro-captive legislation
Connecticut’s state legislature has passed new pro-captive legislative changes, with the last amendments coming at the end of the recent legislative session.
Fenhua Liu, deputy commissioner & director at the Captive Insurance Division of the Connecticut Insurance Department told Captive International that the state now allows:
- captives to accept or transfer risks by means of a parametric contract
- protected cells of captives to establish and maintain separate accounts, and transfer risks through parametric product
- exempt dormant captives from paying minimum premium tax
The relevant bill in the legislature is Senate Bill No. 1038, which passed the House and State Senate.
