AN ACT LOWERING THE MINIMUM UNIMPAIRED PAID-IN CAPITAL AND SURPLUS REQUIREMENT FOR SPECIALSPONSORED PURPOSE FINANCIAL CAPTIVE INSURANCE COMPANIES.

General Assembly   RaisedSubstitute Bill No.

7183 January Session, 2017   LCO*_____HB07183INS___031617____* No.AN ACT LOWERING THE MINIMUM UNIMPAIRED PAID-IN CAPITAL AND SURPLUS REQUIREMENT FOR SPONSORED CAPTIVE INSURANCE COMPANIES.

3192   *03192_______INS* Referred to Committee on INSURANCE AND REAL ESTATE   Introduced by:

  (INS)   AN ACT LOWERING THE MINIMUM UNIMPAIRED PAID-IN CAPITAL AND SURPLUS REQUIREMENT FOR SPECIAL PURPOSE FINANCIAL CAPTIVE INSURANCE COMPANIES.

(E) In the case of a sponsored captive insurance company, not less than five[five hundred thousand] two hundred twenty-five thousand dollars;

and (G) In the case of a sponsored captive insurance company licensed as a special purpose financial captive insurance company, not less than [fivefive hundred thousand] two hundred twenty-five thousand dollars.

Section 1 July 1, 2017 38a-91dd(a)(1) StatementINS ofJoint Purpose:Favorable Subst.

To reduce the minimum unimpaired paid-in capital and surplus requirement for a special purpose financial captive insurance company from not less than five hundred thousand dollars to not less than two hundred twenty-five thousand dollars.

[Proposed deletions are enclosed in brackets.

Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]