CT SB00188

Prohibits captive insurance companies from providing personal risk insurance for private passenger motor vehicle or homeowners insurance coverage as of October 1, 2014.

Requires branch captive insurance companies to maintain a principal place of business in Connecticut to conduct insurance business in the state, removing previous restrictions limiting them to employee benefit business only.

Allows captive insurance companies organized under other states' laws to become domestic Connecticut captive insurance companies by complying with state requirements and establishing a principal place of business in Connecticut.

Expands reinsurance credit allowances for captive insurance companies to include sections 38a-85 to 38a-88 (inclusive) and permits commissioner approval of credit for non-compliant reinsurers.

Makes insurance holding company regulations applicable to certain captive insurance companies, including pure captive companies with subsidiaries exceeding 10% of parent assets and association or industrial insured captive companies with individual members exceeding 10% ownership.