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On June 23, 2023, the Connecticut Insurance coverage Division (the “Division”) issued a press launch asserting Governor Ted Lamont signed Public Act No. 23-15, An Act Regarding Captive Insurance coverage Firms, (the “Act”) into legislation. Efficient October 1, 2023, the Act makes numerous modifications to Connecticut’s captive insurance coverage legal guidelines. Particularly, the Act now permits captive insurance coverage corporations to “settle for or switch danger by the use of a parametric contract,” which is able to permit companies to extra simply cowl distinctive dangers, in line with the Division.
The Act additionally amends Conn. Gen. Stat. § 38a-91rr by permitting a protected cell of a sponsored captive insurance coverage firm to determine a number of separate accounts. The Division mentioned it will permit companies to extra successfully tackle their particular insurance coverage wants. Lastly, the Act gives extra advantages for dormant captive insurance coverage corporations. Particularly, a dormant captive insurance coverage firm won’t be topic to or accountable for the cost of Connecticut’s minimal premium tax.
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