Connecticut

Connecticut


[Last updated: 27/07/16]
Regulatory contact:
Janet S. Grace, Head Captive Division / Captive Insurance Programs & Risk Retention Groups

State of Connecticut Insurance Department, P.O. Box 816, Hartford,CT 06142. 

Telephone Number 860 297 3813
Email Address: janet.grace@CT.gov
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

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