(a) Any captive insurance company may assume reinsurance from any other insurer only on risks that such company is authorized to write directly.
(b) A captive insurance company may only take credit for the reinsurance of a risk or portion of risk ceded to reinsurers that comply with the provisions of sections 38a-85 to 38a-88, inclusive, unless the commissioner has given prior written approval allowing the captive insurance company to take credit for the reinsurance of a risk or portion of risk ceded to reinsurers that do not comply with the provisions of said sections.
(c) For purposes of sections 38a-91aa to 38a-91tt, inclusive, insurance by a captive insurance company of any workers' compensation qualified self-insured plan of its parent and affiliates shall be deemed to be reinsurance.
(P.A. 08-127, S. 11; Oct. Sp. Sess. P.A. 11-1, S. 65; P.A. 14-6, S. 5; 14-235, S. 13.)
History: P.A. 08-127 effective January 1, 2009; Oct. Sp. Sess. P.A. 11-1 made a technical change in Subsec. (c), effective July 1, 2012; P.A. 14-6 amended Subsec. (b) to change “section 38a-85 or 38a-86” to “sections 38a-85 to 38a-88, inclusive,” add provision re commissioner to give prior written approval re credit for reinsurance ceded to reinsurers that do not comply with provisions of said sections, and make technical changes; P.A. 14-235 made a technical change in Subsec. (b).