Connecticut Enacts Omnibus Insurance Law

Connecticut Governor Dannel P. Malloy recently signed House Bill 7183 (the “Act”), which makes various changes to the state’s insurance laws. The Act, among other changes, creates a new section of the insurance code pursuant to which a dormant captive insurer may apply for a certificate of dormancy from the insurance commissioner. It also reduces the amount of unimpaired and paid-in capital and surplus that a sponsored captive insurer is required to maintain. The bill will now be referred to as Public Act No. 17-198, and may be accessed here.