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House Bill No. 5506

Public Act No. 22-118 626 of 739

thereof (Effective July 1, 2022): (b) (1) (A) [Prior] Except as provided in subparagraph (B) of this subdivision, prior to March first of each year and, in the case of pure captive insurance companies and industrial insured captive insurance companies, prior to March fifteenth of each year, each captive insurance company [other than a branch captive insurance company shall submit to the Insurance Commissioner] shall file with the commissioner a report of [its] the captive insurance company's financial condition verified by oath of two [of its] executive officers of the captive insurance company. The commissioner shall establish the form and content of the annual report to be filed by special purpose captive insurance companies. (B) [In the case of branch captive insurance companies, prior to March first of each year, each such] Each branch captive insurance company shall [submit to] file with the commissioner a copy of all reports and statements required to be filed under the laws of the jurisdiction in which the alien captive insurance company or foreign captive insurance company is formed. Such reports and statements shall be verified by oath of two [of its] executive officers of the branch captive insurance company and filed with the commissioner on the same day that such reports and statements must be filed in the domiciliary jurisdiction of the alien captive insurance company or foreign captive insurance company. If the commissioner is satisfied that the annual report filed by the alien captive insurance company or foreign captive insurance company in [its] the domiciliary jurisdiction of the alien captive insurance company or foreign captive insurance company provides adequate information concerning the financial condition of the alien captive insurance company or foreign captive insurance company, the commissioner may waive the requirement for completion of the [captive annual statement for business written in the alien jurisdiction] annual report required under subparagraph (A) of this subdivision. If the