Business Services Industry
Conn. Senate passes captive bill; Measure closely follows Vermont law.(News)
Business Insurance, May, 2006
Byline: JERRY GEISEL HARTFORD, Conn.-Connecticut, long considered the unofficial capital of the commercial insurance industry, could become the nation's next captive insurance company domicile. The measure, introduced by state Sen. Joseph Crisco, D-Hamden, the chairman of the Insurance and Real Estate Committee, was unaminously approved by the Senate last week and now is awaiting action on the House floor.
The bill is heavily based on the captive law in Vermont, the world's third largest domicile with more than 540 captives. For example, the premium tax structure laid out in the Connecticut bill-S.B. 31-is identical to Vermont's. On direct written premiums, the tax would be 0.38% on the first $20 million in premiums, 0.285% on the next $20 million,...
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