OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
sHB-6433
AN ACT CONCERNING CAPTIVE INSURANCE.
Primary Analyst: AB 3/10/25
Contributing Analyst(s):
Reviewer: JS
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 26 $ FY 27 $
Insurance Dept. IF - Potential
Revenue Gain
Minimal Minimal
Note: IF=Insurance Fund
Municipal Impact: None
Explanation
The bill, which expands the applicability of the insurance penalty
provision to include captive insurance companies, results in a potential
revenue gain to the Insurance Fund beginning in FY 26. The revenue
gain is expected to be minimal since compliance is expected.
Other sections of the bill modify requirements regarding the captive
insurance industry and result in no fiscal impact because the Insurance
Department does not anticipate a meaningful increase in workload.
The Out Years
The annualized ongoing fiscal impact identified above would
continue into the future subject to the number of captive insurance
company violations.