Page 613

House Bill No. 5506

Public Act No. 22-118 613 of 739

its members and owners; (5) No captive insurance company may provide personal risk insurance, as defined in section 38a-663, for private passenger motor vehicle or homeowners insurance coverage or any component thereof; (6) No captive insurance company may accept or cede reinsurance except as provided in section 38a-91kk; (7) Any captive insurance company may provide excess workers' compensation insurance to its parent and affiliated companies, unless prohibited by the laws of the state having jurisdiction over the transaction or by federal law. Any captive insurance company may reinsure a workers' compensation qualified self-insured plan of its parent and affiliated companies, unless prohibited by federal law; (8) Any captive insurance company that provides life insurance, annuities or health insurance shall comply with all applicable state and federal laws. (b) No captive insurance company shall do any insurance business in this state unless: (1) [It] The captive insurance company first obtains from the [Insurance Commissioner] commissioner a license authorizing [it] the captive insurance company to do insurance business in this state; (2) [Its] The captive insurance company's board of directors or committee of managers or, in the case of a reciprocal insurer, its subscribers' advisory committee holds at least one meeting each year in this state; (3) [It] The captive insurance company maintains its principal place of business in this state; and (4) [It] The captive insurance company appoints a registered agent to