Page 612

House Bill No. 5506

Public Act No. 22-118 612 of 739

1, 2019, but prior to July 1, 2022. (c) Any insured that satisfies the provisions of subsection (b) of this section shall not be liable for any taxes, interest and penalties that would otherwise be due under section 38a-277 of the general statutes for any taxable period ending prior to July 1, 2019. Sec. 439. Section 38a-91bb of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2022): (a) Any captive insurance company, when permitted by its articles of association, charter or other organizational document, may apply to the [Insurance Commissioner] commissioner for a license to do the business of insurance against any kind of loss, damage or liability properly a subject of insurance, if such insurance is not prohibited by law or [is not] disapproved by the commissioner as being contrary to public policy, including life insurance, annuities, health insurance, as defined in section 38a-469, and commercial risk insurance, as defined in section 38a-663, provided: (1) No pure captive insurance company may insure any risks other than those of its parent and affiliated companies or controlled unaffiliated business; (2) No association captive insurance company may insure any risks other than those of its association, the member organizations of its association, and the member organizations' affiliated companies; (3) No industrial insured captive insurance company may insure any risks other than those of (A) the industrial insureds that comprise the industrial insured group, (B) the industrial insureds' affiliated companies, or (C) the industrial insureds' controlled unaffiliated businesses; (4) No risk retention group may insure any risks other than those of