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House amends captive insurance bill to tighten oversight of risk-retention groups and sponsored captives
Summary
The House advanced H.649 after a committee report recommending amendments that bar risk-retention groups from lending to members or affiliates, require NAIC-form filings with jurat and actuarial certification, and mandate sworn funding statements for protected cells; third reading was ordered and the bill is slated to take effect 07/01/2026.
Representative White, the member from Bethel, presented the Committee on Commerce and Economic Development's recommendations on H.649, an act concerning captive insurance companies. The committee explained the measure would prohibit a risk-retention group from lending to or investing in its members or the affiliates of its members, with an explicit grandfathering clause for any loan or investment in effect prior to Jan. 1, 2026. The committee described that restriction as protecting capital and preserving solvency to safeguard policyholder funds.
The committee's…
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