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Connecticut Considers Changes to Attract Captives

Lawmakers in Connecticut are considering a measure that aims to generate new captive insurance business by updating captive insurance statutes...
March 6, 2014

Lawmakers in Connecticut are considering a measure that aims to generate new captive insurance business by updating captive insurance statutes. Senate Bill 188 would quicken the redomestication of captives from other states or offshore into Connecticut, allowing companies to relocate the headquarters of an existing domicile to the state in a single move, rather than establish new captives through mergers or portfolio transfers. In written testimony, State Insurance Commissioner Thomas Leonardi said the State Insurance Department wants lawmakers to, “consider a few statutory modifications that will enhance the captive insurance capabilities in Connecticut, ease the redomestication process and expand capability in a rapidly evolving marketplace.”

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