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Committee advances HB6433 on captive insurance; adds $15,000 fine and cell-conversion language
Summary
The Insurance and Real Estate Committee voted to send HB6433 to the floor with proposed substitute language that updates captive insurance definitions, adds a $15,000 fine for violations and allows certain protected-cell conversions.
The Insurance and Real Estate Committee on Thursday voted to send HB6433, concerning captive insurance, to the Joint Favorable Substitute (JFS) on the floor.
The measure, presented during the committee’s Feb. 20 meeting by committee leadership and staff, updates statutory definitions used to regulate captive insurance companies, imposes a fine of $15,000 for violations and adds language in section 3 allowing a captive insurer domiciled in Connecticut to convert protected cells without…
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