SB 1133 Summary

• Adds "foreign captive insurance company" to Connecticut's insurance definitions, defined as an insurance company formed to write business for its parent and affiliated companies and licensed in a foreign jurisdiction with acceptable regulatory standards.

• Allows alien and foreign captive insurance companies to establish branch operations in Connecticut or transfer their domicile to become domestic captive insurance companies, subject to Commissioner approval.

• Establishes a tax amnesty program effective July 1, 2019 through July 1, 2020 for insureds who procured independently procured insurance to waive all back taxes, interest, and penalties if they establish a branch captive or transfer domicile to Connecticut and pay taxes going forward.

• Requires branch captive insurance companies to grant the Commissioner authority to examine them in their home jurisdiction and to file annual reports and statements from their domiciliary jurisdiction.

• Makes conforming amendments to existing captive insurance statutes to reference both alien and foreign captive insurance companies throughout the regulatory framework.