Governor Signs Captives Bill

Connecticut Gov. Ned Lamont signed a bill modifying provisions relating to captive insurers. Lamont on Wednesday signed Senate Bill 1038, which will allow captive insurers — insurance companies formed to insure or reinsure the risks of its owner — to accept or transfer risk through parametric contracts that condition payment on specified triggering events rather than the value of the loss.  SB 1038 additionally modifies provisions governing sponsored captives, where sponsors provide the minimum paid-in capital and surplus; participants are insured through separate contracts;...