Connecticut Senate Bill 339 (Prior Session Legislation)

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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]

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.

An Act Concerning The Insurance Department's Recommendations Regarding Captive Insurance Companies.

House Insurance and Real Estate Committee

Rep. Pat Wilson Pheanious [D]

2020-03-13 - Joint - INS Vote Tally Sheet (Joint Favorable) (Y: 18 N: 0 NV: 0 Abs: 2) [PASS]

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

Type	Source
Summary	https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00339&which_year=2020
Text	https://www.cga.ct.gov/2020/TOB/s/pdf/2020SB-00339-R00-SB.PDF
Roll Call	https://www.cga.ct.gov/2020/TS/s/pdf/2020SB-00339-R00INS-CV35-TS.pdf