Connecticut
[Last updated: 27/07/16]
State of Connecticut Insurance Department, P.O. Box 816, Hartford,CT 06142.
Telephone Number 860 297 3813
Website: http://www.ct.gov/cid/
Name of Captive Legislation
Connecticut General Statutes: 38a-91aa to 38a-91tt, inclusive; 38a-250 to 38a270 RRGs
Year Legislation Passed
Original: 2008
Recent Amendments
Revised: 2011. Updated: 2014 (SB 188);
RRGs updated 2016 (SB 436, PA 16-206)
Do you allow Cell Captives?
Yes (Sponsored Captive Insurance Companies)
Total Number of Licenced Captives
13
Number of Risk Retention Groups or Group Captives
1 Domiciled RRG; 139 Registered RRGs
Number of Single Parent Captives
10
Number of Cell Captives
2
Number of licences granted in the past year (2015 calendar year)
5
Approximate (or Average) length of time to process a new captive
Upon receipt of complete application, 15 days (performance standard is 30 days)
Captive tax rates
Direct Premium: 0.38% on first US$20m; 0.285% on next US$20m; 0.19% on next US$20m; 0.072%, thereafter. Assumed premiums taxed at a lower rate. Premium taxes are subject to a maximum of US$200,000; minimum: US$7,500, per year.
Minimum capitalisation rate
Pure Captive Insurance Company: US$250,000; Association Captive Insurance Company: US$500,000; Sponsored Captive Retention Group Captive Insurance Company: US$1,000,000Insurance Company: US$500,000; Special Purpose Financial Captive Insurance; Risk
Licencing fees
Annual License Fee: US$375. Application Fee: US$800
Industry sectors best represented in the domicile
Healthcare
Government
Energy/Utilities/Telecommunications
Construction
Manufacturing
Finance/Banking/Insurnace
Top 5 uses for captives in the domicile
- Standard Commercial Lines deductible buy down (Workers Compensation, General Liability, Automobile Liability)
- Medical Stop Loss
- Professional Liability (E&O for numerous professions)
- Property DIC coverage
Total premiums received by the Captives
115 million $USD
Captive Insurance Managers registered to conduct business in the domicile
Registered service provider directory available at: http://www.ct.gov/cid/lib/cid/List_of_RecognizedService_Providers.pdf