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Connecticut Is Capturing Captive Insurers
As a globally recognized capital of the insurance industry, Connecticut has had a complicated relationship with the industry segment of captive insurers. Recent legislative initiatives, however, have demonstrated the interest of state government in promoting the development of a domestic captive industry, which is growing in importance.
Typically, captives are formed by large companies that have sufficient magnitude of risk to justify the capitalization of a captive insurer that can offer the tax benefits of insurance through deductibility of premium payments while achieving the economies and control of self-insurance. Excess loss cover can be purchased from traditional insurance or reinsurance companies in order to manage the exposure. As the captive is typically managed by a professional captive manager, the additional burden on management of the sponsoring company is limited.
Connecticut first began to carve out a place in the captive market in 2008, with the enactment of Section 38a-91aa et seq. of the Connecticut General Statutes, authorizing the formation of captive insurance companies effective Jan. 1, 2009. That modest effort did not, however, generate any interest, and the favored domiciliary jurisdictions for captives continued to be Vermont, Delaware, Nevada and Bermuda. Since the adoption of the Connecticut captive statute, amendments were made in 2012 and in 2014. These amendments have created the environment for a nascent captive industry.
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