CT SB00339 | 2020 | General Assembly
Status
Spectrum: Bipartisan Bill
Status: Introduced on February 27 2020 - 25% progression, died in chamber
Action: 2020-03-10 - Joint Favorable
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on February 27 2020 - 25% progression, died in chamber
Action: 2020-03-10 - Joint Favorable
Text: Latest bill text (Introduced) [PDF]
Summary
To: (1) Amend certain captive insurance company definitions; (2) provide tax amnesty to an insured that establishes a branch captive insurance company in, or transfers domicile of its alien captive insurance company or foreign captive insurance company to, this state; (3) modify licensing requirements; (4) authorize the Insurance Commissioner to license foreign captive insurance companies, and issue unlicensed captive insurance companies a conditional certificate of authority; (5) reduce capitalization requirements for pure captive and branch captive insurance companies; (6) authorize the commissioner to exempt foreign branch captive insurance companies from minimum capitalization requirements; (7) authorize foreign captive insurance companies to register to do business in this state; and (8) authorize the commissioner to waive the requirement that (A) alien captive insurance companies and foreign captive insurance companies file an annual report concerning their financial condition; and (B) the commissioner periodically examine the financial condition of pure captive insurance companies.
Title
An Act Concerning The Insurance Department's Recommendations Regarding Captive Insurance Companies.
Sponsors
Roll Calls
2020-03-13 - Joint - INS Vote Tally Sheet (Joint Favorable) (Y: 18 N: 0 NV: 0 Abs: 2) [PASS]
History
Date | Chamber | Action |
---|---|---|
2020-03-10 | Senate | Joint Favorable |
2020-03-05 | Senate | Public Hearing 03/10 |
2020-02-27 | Senate | Referred to Joint Committee on Insurance and Real Estate |