Section 38a-91uu - Dormant captive insurance company. Certificate of dormancy. Capital and surplus(a) For the purposes of this section, unless the context otherwise requires: (1) "Dormant captive insurance company" means a pure captive insurance company, a sponsored captive insurance company or an industrial insured captive insurance company, each as defined in section 38a-91aa, that has: (A) Ceased transacting insurance business; and(B) No liabilities associated with any insurance business that occurred, or insurance policy that was issued, prior to, on or after the filing of its application for a certificate of dormancy under subsection (b) of this section; and(2) "Insurance business" means the business of insurance, as defined in section 38a-905.(b) A dormant captive insurance company that is domiciled in this state may apply to the Insurance Commissioner for a certificate of dormancy. The certificate of dormancy shall be subject to renewal once every five years, and shall be forfeited if the dormant captive insurance company commences transacting insurance business or fails to timely renew such certificate.(c) A dormant captive insurance company that has been issued a certificate of dormancy shall:(1) Possess and maintain unimpaired, paid-in capital and surplus of not less than fifteen thousand dollars, provided such dormant captive insurance company shall not be required to add capital upon entering dormancy if such dormant captive insurance company was never capitalized;(2) Not later than March fifteenth, annually, submit to the commissioner a report on the financial condition of such company, verified by oath of two executive officers of such company, in such form as the commissioner prescribes; and(3) Pay the license renewal fee specified in section 38a-11 for a captive insurance company.(d) A dormant captive insurance company shall not be subject to or liable for the payment of any tax under section 38a-91nn.Conn. Gen. Stat. § 38a-91uu
Amended by P.A. 23-0015, S. 3 of the Connecticut Acts of the 2023 Regular Session, eff. 10/1/2023.Amended by P.A. 22-0118, S. 448 of the Connecticut Acts of the 2022 Regular Session, eff. 7/1/2022.Added by P.A. 17-0198, S. 1 of the Connecticut Acts of the 2017 Regular Session, eff. 7/1/2017.