Page 630

House Bill No. 5506

Public Act No. 22-118 630 of 739

Sec. 448. Subsections (b) and (c) of section 38a-91uu of the general statutes are repealed and the following is substituted in lieu thereof (Effective July 1, 2022): (b) A dormant captive insurance company that is domiciled in this state may apply to the Insurance Commissioner for a certificate of dormancy. The certificate of dormancy shall be subject to renewal once every [two] five years, and shall be forfeited if the dormant captive insurance company commences transacting insurance business or fails to timely renew such certificate. (c) A dormant captive insurance company that has been issued a certificate of dormancy shall: (1) Possess and maintain unimpaired, paid-in capital and surplus of not less than [twenty-five] fifteen thousand dollars, provided such dormant captive insurance company shall not be required to add capital upon entering dormancy if such dormant captive insurance company was never capitalized; (2) Not later than March [15, 2018] fifteenth, annually, submit to the commissioner a report on the financial condition of such company, verified by oath of two executive officers of such company, in such form as the commissioner prescribes; and (3) Pay the license renewal fee specified in section 38a-11 for a captive insurance company. Sec. 449. Subsection (a) of section 17b-80 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2022): (a) The commissioner, upon receipt of an application for aid, shall promptly and with due diligence make an investigation, such investigation to be completed within forty-five days after receipt of the