Crisco hosts hearing on captive insurance

Earlier today state Sen. Joseph J. Crisco, D-Woodbridge, Senate Chairman of the Insurance and Real Estate Committee, hosted an informational hearing on captive insurance.

Members of the Insurance and Real Estate Committee were joined by representatives from newly formed captive insurance companies, certified public accounts in the insurance field and a senior from UCONN School of Business.

“Captive insurance is important to the Connecticut economy because it represents jobs here in the state,” Crisco said. “Connecticut is known as the insurance capital of the world and it is important that we keep up with this evolving market. Our goal is to attract more domestic and offshore companies to the state to keep us competitive with not only other states but the world.”

“Within the captive insurance market there are so many untapped opportunities and potential,” said Rocco Martin, a UCONN senior who recently became sponsored by a risk management firm for his outstanding work. “Companies need to do more than just be reactive to current trends. It should also be more than just proactive, what is needed is to be innovative and creative with strategic planning. Connecticut is the insurance capital of the world and has the potential to transform the landscape of insurance.”

Senate Bill 188 “An Act Concerning Captive Insurance Companies” is currently being considering by the General Assembly. 
The bill would modernize Connecticut's laws regarding captive insurance companies allowing the state to become more competitive in an evolving market. A captive insurer is an insurance company or entity formed to insure or reinsure the risks of its owners. 
The law allows a captive to be licensed and domiciled in Connecticut to transact life insurance, annuity, health insurance and commercial risk insurance business.


This is a press release from Crisco's office.