Raised S.B. No. 339
Session Year 2020
 


AN ACT CONCERNING THE INSURANCE DEPARTMENT'S RECOMMENDATIONS REGARDING CAPTIVE INSURANCE COMPANIES.

To: (1) Amend certain captive insurance company definitions; (2) provide tax amnesty to an insured that establishes a branch captive insurance company in, or transfers domicile of its alien captive insurance company or foreign captive insurance company to, this state; (3) modify licensing requirements; (4) authorize the Insurance Commissioner to license foreign captive insurance companies, and issue unlicensed captive insurance companies a conditional certificate of authority; (5) reduce capitalization requirements for pure captive and branch captive insurance companies; (6) authorize the commissioner to exempt foreign branch captive insurance companies from minimum capitalization requirements; (7) authorize foreign captive insurance companies to register to do business in this state; and (8) authorize the commissioner to waive the requirement that (A) alien captive insurance companies and foreign captive insurance companies file an annual report concerning their financial condition; and (B) the commissioner periodically examine the financial condition of pure captive insurance companies.

Introduced by:
Insurance and Real Estate Committee

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Co-sponsors for Amendment LCO:

Bill History

 Date Action Taken
 3/10/2020(INS)Joint Favorable
 3/5/2020Public Hearing 03/10
 2/27/2020Referred to Joint Committee on Insurance and Real Estate

Co-sponsors of SB-339

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