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Committee advances captive-insurance bill adding reporting and reserve requirements
Summary
A legislative committee reported favorably on an amended bill that tightens reporting and minimum-cash requirements for captive insurers, following discussion about rapid growth in the state's captive market and concerns that some new captives may not be able to pay claims.
A legislative committee voted to report favorably on an amended bill that would impose reporting obligations and minimum cash/reserve thresholds on captive insurance companies to reduce the risk they cannot pay policyholder claims.
Committee members discussed the lawmaking history behind the measure, noting a 2021 moratorium on captives and saying the state has since grown to 96 captive insurers. Committee debate centered on tightening oversight for newly formed captives and…
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