Page 625

House Bill No. 5506

Public Act No. 22-118 625 of 739

retention group, to maintain less than the required unimpaired paid-in capital and surplus set forth in subsection (a) of this section. The commissioner shall consider the type, volume and nature of the insurance or reinsurance business transacted by such a captive insurance company in establishing the amount of unimpaired paid-in capital and surplus the company is required to maintain. [(d)] (c) Except as specified in subdivision (2) of subsection (a) of this section, capital and surplus may be in the form of cash or an irrevocable letter of credit issued by a bank approved by the commissioner. (d) The commissioner may adopt regulations, in accordance with chapter 54, to establish additional capital and surplus requirements based upon the type, volume and nature of insurance business transacted. Sec. 441. Subsection (h) of section 38a-91ff of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2022): (h) In the case of a captive insurance company licensed as a branch captive insurance company, the alien captive insurance company or foreign captive insurance company shall petition the commissioner to issue a certificate setting forth the commissioner's finding that, after considering the character, reputation, financial responsibility, insurance experience, and business qualifications of the officers and directors of the alien captive insurance company or foreign captive insurance company, the licensing and maintenance of the branch operations will promote the general good of the state. The alien captive insurance company or foreign captive insurance company may register to do business in this state after the commissioner's certificate is issued. Sec. 442. Subdivision (1) of subsection (b) of section 38a-91gg of the general statutes is repealed and the following is substituted in lieu