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House Bill No. 5506

Public Act No. 22-118 628 of 739

the commissioner a certificate of compliance or its equivalent, issued by or filed with the licensing authority of the jurisdiction in which the branch captive insurance company is formed, and demonstrates to the commissioner's satisfaction that [it] such branch captive insurance company is operating in sound financial condition in accordance with all applicable laws and regulations of such jurisdiction. (3) The commissioner may waive the requirement that the commissioner or the commissioner's designee inspect and examine a captive insurance company's affairs pursuant to this subsection if the captive insurance company is a pure captive insurance company or a branch captive insurance company of the pure captive insurance company. Sec. 444. Subdivision (1) of subsection (a) of section 38a-91ii of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2022): (a) (1) The commissioner may, at any time, for cause, suspend, revoke or refuse to renew any license of a captive insurance company, or in lieu of or in addition to suspension or revocation of such license, the commissioner, after reasonable notice to and hearing of any holder of such license, may impose a fine not to exceed ten thousand dollars. Such hearings may be held by the commissioner or any person designated by the commissioner. For purposes of this subsection, cause for such administrative action shall include, but not be limited to, the following reasons: (A) Insolvency or impairment of capital or surplus; (B) failure to meet the requirements of section 38a-91dd; (C) refusal or failure to [submit] file an annual report, as required by section 38a-91gg, or any other report or statement required by law or by lawful order of the commissioner; (D) failure to comply with the provisions of its own charter, bylaws or other organizational document; (E) failure to submit to or pay the cost of examination or any legal obligation relative thereto; (F) use of methods that, although not otherwise specifically prohibited