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.
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