Page 604

House Bill No. 5506

Public Act No. 22-118 604 of 739

(2) "Agency captive insurance company" means a captive insurance company that: (A) Is owned or directly or indirectly controlled by one or more insurance agents or insurance producers licensed in accordance with sections 38a-702a to 38a-702r, inclusive; (B) Only insures against risks covered by insurance policies sold, solicited or negotiated through the insurance agents or insurance producers that own or control such captive insurance company; and (C) Does not insure against risks covered by any health insurance policy or plan. (3) "Alien captive insurance company" means any insurance company formed to write insurance business for its parent and affiliated companies and licensed pursuant to the laws of an alien jurisdiction that imposes statutory or regulatory standards on companies transacting the business of insurance in such jurisdiction that the commissioner deems to be acceptable. (4) "Association" means any legal association of individuals, corporations, limited liability companies, partnerships, associations or other entities, [that has been in continuous existence for at least one year,] where the association itself or some or all of the member organizations: (A) Directly or indirectly own, control or hold with power to vote all of the outstanding voting securities or other voting interests of an association captive insurance company incorporated as a stock insurer; (B) Have complete voting control over an association captive insurance company incorporated as a mutual corporation or formed as a limited liability company; or