Connecticut’s insurance industry is watching the progress of Senate Bill 188 with interest, in anticipation of an update of the state’s captive laws.
The captive industry in Connecticut will be hoping that changes will help keep the domicile on par with the top insurance domiciles in the US.
Senate Bill 188 offers additional options for companies looking to redomesticate to the state or start a branch captive in Connecticut. The bill also gives the state insurance department flexibility in determining reinsurance credits for companies that redomesticate to the state.
Commenting on the legislation Thomas Hodson who leads JLT Towner Insurance Management (Connecticut) said: “For over 200 years, Connecticut has been an innovator in insurance, so these proposed updates are a natural extension of that innovation.”
“If enacted, these changes will keep Connecticut on par with the top domestic domiciles, providing further proof that it intends to become a domestic captive leader.”