Sec. 38a-91oo. Applicability of insurance statutes.
254 words·~1 min read·
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(a)Unless otherwise provided in sections 38a-91aa to 38a-91tt , inclusive, no provision of this title shall apply to captive insurance companies, unless expressly included therein, except for the following:
(1)Sections 38a-8 , 38a-16 , 38a-17 , 38a-54 to 38a-59 , inclusive, 38a-69a , 38a-102h and 38a-250 to 38a-266 , inclusive, and chapter 704c; and
(2)subsection
(d)of section 38a-72 and sections 38a-73 and 38a-129 to 38a-140 , inclusive, which shall apply only to captive insurance companies formed as risk retention groups.
(1)The commissioner may require, with notice, any of the following to comply with the provisions of sections 38a-129 to 38a-140 , inclusive:
(A)A pure captive insurance company, when
(i)the assets of a subsidiary of such company are greater than ten per cent of the assets of the ultimate parent company, or
(ii)the pure captive insurance company is owned by an insurance holding company system, as defined in section 38a-129 ; or
(B)An industrial insured captive insurance company or an association captive insurance company, when
(i)any individual member's ownership of such company is greater than ten per cent, or
(ii)such company is owned by an insurance holding company system, as defined in section 38a-129 .
(2)The commissioner may remove the compliance requirement imposed on a company pursuant to subdivision
(1)of this subsection if such company demonstrates to the commissioner that the condition that triggered the imposition of the compliance requirement no longer exists and that no other triggering condition is present.