Captive Insurance Division
Assistant Deputy Commissioner of Captive Division
Since the passage of Connecticut’s captive law in 2008, Connecticut has quickly distinguished itself as a world class captive domicile and as a center for innovation in captive formation and thinking. The captive insurance environment in Connecticut is indeed growing, vibrant and responsive. (Read more....)
DEFINITIONS: A captive insurance company is wholly owned and controlled by a parent company or association, and operates to insure the parent’s own risks. In Connecticut, a captive is defined as any pure captive insurance company, association captive insurance company, industrial insured captive insurance company, risk retention group, sponsored captive insurance company, or special purpose financial captive insurance company that is domiciled in the state and formed or licensed under the provisions of the Connecticut Insurance Statues and Regulations.
CAPTIVE INSURANCE DIVISION: The Captive Insurance Division evaluates licenses, regulates and examines the captive insurers and risk retention groups in the alternative risk market for the State of Connecticut. The alternative risk insurance market refers to a number of risk funding techniques, such as self-insurance, paid loss plans, insurance purchasing groups, and risk retention groups that are outside the scope of that provided by most traditional Property & Casualty or Life & Health insurers.
Connecticut Captive Insurance Legislative Changes 2022
FAQs CT New Captive Legislation 2022
Connecticut Captive Insurance Guide
List of licensed captive companies and registered Risk Retention Groups (RRGs)
THE LICENSING & APPROVAL PROCESS
Steps for forming a captive and obtaining approval
Captive Insurance Company Application Process – Flowchart
Captive Insurance Company Application Process – Text only
Forms
- Biographical Affidavit
- Corporate Governance Guidance
- License Application Form
- Sample Letter of Credit
- Applications for Recognition:
- Application for Admittance:
- Risk Purchasing Groups
- Acknowledgement Receipt of Bulletin No. 21
- Application to Register as a Risk Purchasing Group
- Bulletin L-21 Licensing requirements applicable to persons soliciting or marketing insurance and for handling claims
- Change in Registration for Risk Purchasing Groups
- Licensing Requirements for Persons Involved with Motor Vehicle Servicing Agreements
- NAIC Risk Purchasing Group Part A and B Application Form
- Power of Attorney Form (RPG-1)
- Risk Retention Groups
- Risk Purchasing Groups
Fees
- $800 application fee (Captives only)
- $375 annual license fee
Deadlines
- License Renewal and fee due on or before April 1 of each year;
- Premium Tax Filing and Payment due on or before March 1 of each year for Direct premium taxes and March 31 for Assumed premium taxes, all tax related questions should be directed to Department of Revenue Services.
- Annual Report due dates – please see Bulletins linked below;
- Audited financial statements:
- December 31 Year End – June 1.
- Fiscal Year End – 150 days after fiscal year end.
BULLETINS
- FS-4C-22: Financial Reporting For CAPTIVE INSURERS
- FS-4RR-22: Financial Reporting For RISK RETENTION GROUPS
PRESS RELEASES
- February 7, 2022 – Connecticut Insurance Department Records 59% Growth in Captive Insurance Companies in 2021
- February 24, 2021 – Connecticut Insurance Department Records Over 35% Growth in Captive Insurance Companies in 2020
OTHER RESOURCES
CTCIA – Connecticut Captive Insurance Association (ctcaptives.org)
Captives News Archives