Page 605
House Bill No. 5506
Public Act No. 22-118 605 of 739
(C) Constitute all of the subscribers of an association captive insurance company formed as a reciprocal insurer. (5) "Association captive insurance company" means any company that insures risks of the member organizations of an association, and includes a company that also insures risks of such member organizations' affiliated companies or of the association. (6) "Branch business" means any insurance business transacted in this state by a branch captive insurance company. (7) "Branch captive insurance company" means any alien captive insurance company or foreign captive insurance company licensed by the commissioner to transact the business of insurance in this state through a business unit with a principal place of business in this state. (8) "Branch operations" means any business operations in this state of a branch captive insurance company. (9) "Captive insurance company" means any (A) pure captive insurance company, agency captive insurance company, association captive insurance company, industrial insured captive insurance company, risk retention group, sponsored captive insurance company or special purpose financial captive insurance company that is domiciled in this state and formed or licensed under the provisions of [sections 38a-91aa] this section and sections 38a-91bb to 38a-91tt, inclusive, or (B) branch captive insurance company. (10) "Ceding insurer" means an insurance company, approved by the commissioner and licensed or otherwise authorized to transact the business of insurance or reinsurance in its state or country of domicile, that cedes risk to a special purpose financial captive insurance company pursuant to a reinsurance contract. (11) "Commissioner" means the Insurance Commissioner.