AN ACT CONCERNING CAPTIVE INSURANCE.

HB 6433 defines and regulates different types of "captive insurance companies" operating in Connecticut, replacing an existing statute. It establishes clear terms for agency captives (owned by insurance agents), association captives (for member organizations), branch captives (foreign companies operating locally), and industrial insured captives (for large businesses with dedicated insurance needs). The bill directly affects insurance companies seeking to operate as captives in Connecticut by specifying their ownership structures, permitted risks, and regulatory requirements. Key provisions clarify who qualifies as a captive, how they can operate (e.g., excluding health insurance for agency captives), and define terms like "branch business" for foreign entities. The changes take effect October 1, 2025.