Connecticut
26 October 2017
Reporter: Barney Dixon

Connecticut to establish new captive to compensate for pyrrhotite damage


The Connecticut Senate has passed a new bipartisan state budget, which includes the establishment of a new captive insurance company to cover homeowners whose concrete foundations have deteriorated due to the presence of pyrrhotite.

Both Democrats and Republicans agreed to approve the $41.3 billion budget, which passed early on 26 October.

There will be five incorporators of the captive, chosen by the governor, the speaker, the minority leader of the House of Representatives, the president pro tempore and the Republican president pro tempore of the Senate.

It will also have to enter into agreements with the Connecticut Housing Finance Authority and any participating lender to develop and implement additional loan programs or financial products to assist affected owners with repairs.

The new captive will run for a term of five years, until 30 June 2022, or until its existence is terminated by law. Upon termination, all rights and properties of the captive will pass to the State of Connecticut.

In addition, Insurance Commissioner Katharine Wade has revealed that the Connecticut Insurance Department has launched a new online resource, CT Captive Solutions, to help business owners manage risks, control insurance costs and find out whether a captive is the right solution for them.

Wade explained: “Captive insurers are not just for large corporations but can play a very important role for small- and mid-size employers.”

She added: “The department has the regulatory expertise and consultative approach to help potential captive owners find a solution that may be appropriate for them.”

“The bottom line is we want Connecticut businesses to succeed and grow and the right captive structure could provide just what they need to do so.”

More news
The latest news from Captive Insurance Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
XL Catlin appoints new captive director in Asia
17 November 2017 | Hong Kong | Reporter: Becky Butcher
XL Catlin has hired Shiwei Jin as its global programme and captive regional director in Asia
Advantage Insurance hires duo
17 November 2017 | San Juan | Reporter: Becky Butcher
Advantage Insurance has appointed Colin Devine to its board of directors
‘Exciting developments’ in South Carolina’s captive industry
17 November 2017 | Charleston | Reporter: Becky Butcher
Jay Branum of the South Carolina Department of Insurance has revealed the state has “very positive and exciting developments” for its captive insurance industry
‘Explosive growth’ for Tennessee’s captive market
17 November 2017 | Nasville | Reporter: Lorella Fava
After rewriting its captive statute back in 2011, the captive insurance market in Tennessee has seen “explosive growth”, according to the state’s insurance commissioner Julie Mix McPeak
L&C appoints Kate Miller as head of institutions
16 November 2017 | London | Reporter: Lorella Fava
London & Capital (L&C) has appointed Kate Miller as head of institutions
KBRA Europe registered by ESMA
15 November 2017 | Dublin | Reporter: Becky Butcher
Kroll Bond Rating Agency Europe has officially been registered as a credit rating agency by the European Securities and Markets Authority (ESMA), effective 13 November
Captive insurance scholarships awarded in Bahamas
14 November 2017 | The Bahamas | Reporter: Lorella Fava
The Bahamas Financial Services Board (BFSB) and the Insurance Commission of The Bahamas (ICB) has selected two recipients for the Associates in Captive Insurance designation scholarships