Sec. 38a-91dd. Capital and surplus requirements. - Connecticut Statutes

      Sec. 38a-91dd. Capital and surplus requirements. (a) The Insurance Commissioner shall not issue a license to a captive insurance company or allow the company to retain such license unless the company has and maintains unimpaired paid-in capital and surplus of:

      (1) In the case of a pure captive insurance company, not less than two hundred fifty thousand dollars;

      (2) In the case of an association captive insurance company, not less than seven hundred fifty thousand dollars;

      (3) In the case of an industrial insured captive insurance company, not less than five hundred thousand dollars; and

      (4) In the case of a risk retention group, not less than one million dollars.

      (b) The commissioner may adopt regulations, in accordance with chapter 54, to establish additional capital and surplus requirements based upon the type, volume and nature of insurance business transacted.

      (c) Capital and surplus may be in the form of cash or an irrevocable letter of credit issued by a bank chartered by this state or a member bank of the Federal Reserve System and approved by the commissioner.

      (P.A. 08-127, S. 4.)

      History: P.A. 08-127 effective January 1, 2009.