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House Bill No. 5506

Public Act No. 22-118 627 of 739

commissioner is not satisfied with such reports and statements, or if the branch captive insurance company is not required to file such reports and statements in the domiciliary jurisdiction of the alien captive insurance company or foreign captive insurance company, the branch captive insurance company shall file a report, at a time and in a form and manner prescribed by the commissioner, that provides the commissioner with adequate information concerning the financial condition of the alien captive insurance company or foreign captive insurance company. Sec. 443. Subsection (a) of section 38a-91hh of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2022): (a) (1) [At least once every three years, and additionally whenever the Insurance Commissioner] Except as provided in subdivision (3) of this subsection, the commissioner or the commissioner's designee shall, whenever the commissioner determines it to be prudent [, the commissioner or the commissioner's designee shall visit each captive insurance company and thoroughly] but not less frequently than once every five years, inspect and examine [its] each captive insurance company's affairs to ascertain [its] the captive insurance company's financial condition, [its] the captive insurance company's ability to fulfill its obligations and whether [it] the captive insurance company has complied with the provisions of sections 38a-91aa to 38a-91tt, inclusive, and any other applicable provisions of this title. [The commissioner may extend the three-year period to five years, provided a captive insurance company is subject to a comprehensive annual audit during such period by independent auditors approved by the commissioner and of a scope satisfactory to the commissioner.] (2) The examination of a branch captive insurance company pursuant to this section shall be of branch business and branch operations only, as long as the branch captive insurance company provides annually to