Committee hears testimony supporting bill to modernize captive insurance rules

The Insurance and Real Estate Committee on an unspecified date heard testimony supporting House Bill 64‑33, which the Connecticut Insurance Department says would modernize state rules for captive insurers and give regulators tools to address insolvency in protected cells.

Commissioner Andrew Mays of the Connecticut Insurance Department told the committee the bill would "increase the department's ability to regulate captive insurers and provide flexibility to captive insurance owners." He described how a protected‑cell structure operates and said the bill would let a captive convert to an unincorporated protected cell "without any impact on the assets, rights, benefits, obligations, and…