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