CTCIA regional tour kicks off with Boston visit
The Connecticut Captive Insurance Association (CTCIA) has held the first stop of its 2024 Regional Tour, on May 20th at KPMG headquarters in Boston, Massachusetts.
Guests were provided with an overview of captive insurance, their applications, collaboration examples, as well as insights on tax and accounting details associated with captive insurance entities. Connecticut leaders also shared information about the benefits of the Connecticut domicile and the path to establishing a captive in Connecticut.
Those in attendance included business owners, industry leaders and insurance professionals from the Greater Boston area. Guests heard from key and influential Connecticut leaders including: Fenhua Liu (assistant deputy commissioner of captive insurance at the Connecticut Insurance Department), Chris Gallo (managing director, CIC Services), State Representative Kerry Wood (house chair of the Insurance Committee), Wyatt Bosworth (associate counsel, CT Business & Industry Association), Sarah Pisacich (tax partner at KPMG), Dan Bishop (partner at KPMG), Susan Winkler (vice president & executive director of CT Insurance & Financial Services) and Tom Cyr (consultant and CTCIA Board Member).
“We were extremely pleased with the turnout and excitement for this inaugural event held in Boston, our neighbor to the North,” said P.J. Cimini, the president of CTCIA. “The outpouring of interest in support by Massachusetts companies and leaders in Connecticut as a captive insurance domicile option, was heartening.”
The event also highlighted a number of business friendly collaborations and Connecticut’s recent legislative updates, including Public Act 24-138 Public Act 24-138 (House Bill 5503) ‘An Act Concerning Insurance Market Conduct and Insurance Licensing, the Insurance Department's Technical Corrections and Other Revisions to the Insurance Statutes and Captive Insurance’ a new measure that will allow captive insurance protected cells the ability to convert into new protected cells, incorporated cells or a new captive insurance company, including the ability for protected cells to have the flexibility to convert without any impact on the assets, rights, benefits, obligations and liabilities of the protected cell.
“The Connecticut captive insurance domicile provides a unique opportunity for innovative captive owners, managers and companies to establish and grow in a strong regulatory environment,” said Liu. “As one of the fastest growing domiciles in the country, I was pleased to speak at this event and spread the great news about the Connecticut ‘captive advantage’ that we provide.”
The new law will allow a business that initially insured its business through a protected cell, the ability to create and form its own pure captive insurance company. This proposal will allow for the seamless transfer of the assets, benefits, obligations and liabilities associated with the insurance provided by the business’ protected cell to the business’ newly established pure captive insurance company.
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