Raised Bill No. 339 - Summary

• Establishes tax amnesty for insureds that create a branch captive insurance company or transfer an alien/foreign captive insurer to Connecticut by July 1, 2021, allowing waiver of penalties for tax periods from July 1, 2017 through June 30, 2020.

• Reduces minimum capital requirements for pure captive insurance companies from $250,000 to $50,000 and for branch captive insurance companies from $250,000 to $50,000, while authorizing the commissioner to exempt foreign branch captive insurers if financially stable.

• Authorizes the Insurance Commissioner to license foreign captive insurance companies and issue conditional certificates of authority to unlicensed captive insurance companies while their full applications are being processed.

• Modifies examination requirements by changing the inspection frequency for most captive insurers from every three years to no less than every five years, and allows the commissioner to waive inspections of pure captive insurance companies entirely.

• Clarifies definitions and licensing procedures for various captive insurance company types and authorizes the commissioner to waive certain reporting requirements for alien and foreign captive insurance companies.