Connecticut Governor Dannel P. Malloy has recently put forth proposals in an effort to make Connecticut an enticing domicile for captive insurance companies. According to media reports, Governor Malloy has asked the legislature to approve a $7,500 first-year tax credit for new captive insurers.
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Connecticut Developments
Connecticut Insurance Department Announces New Cooperation Agreement with Germany
By Troutman Pepper Locke on
On December 19, 2011, the head of the Connecticut Insurance Department (the “CID”), Commissioner Thomas Leonardi, announced the signing of a memorandum of understanding (“MoU”) with the German Federal Financial Supervisory Authority (“BaFin”), the governmental body responsible for financial regulation in Germany. Under the MoU, the CID and BaFin may request assistance from one another, including obtaining information on regulated companies and individuals. …
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Connecticut Issues Guidance on Annuity Suitability Training Requirements
The Connecticut Insurance Department issued a bulletin on December 19, 2011 (the “Bulletin”), explaining the training requirements mandated by Sections 38a-432a-1 to 38a-432a-8 of the Regulations of Connecticut State Agencies (the “Regulation”) for insurance producers who sell annuity products. The Regulation goes into effect on February 18, 2012, and implements the National Association of Insurance Commissioners Suitability in Annuity Transactions Model Regulation in Connecticut. …
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Connecticut Amends Regulation of Domestic Captives
By Troutman Pepper Locke on
Connecticut has amended its captive law pursuant to Public Act No. 11-1 (the “Act”). The Act creates three new subgroups of Connecticut-domiciled captives: sponsored, branch, and special purpose financial captives. …
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Connecticut Insurance Commissioner Elected Secretary of the NAIC’s Northeast Zone and Will Serve on the NAIC’s Executive Committee
By Troutman Pepper Locke on
Thomas B. Leonardi, Commissioner of the Connecticut Insurance Department, was elected as the secretary of the National Association of Insurance Commissioner’s (“NAIC”) Northeast Zone during the NAIC’s Fall 2011 meeting. As part of this position, Commissioner Leonardi will also serve on the NAIC’s Executive Committee. …
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Connecticut Insurance Department Considers Change in Hurricane Deductible
By Troutman Pepper Locke on
Connecticut Insurance Commissioner Thomas Leonardi told the Connecticut legislature’s Insurance and Real Estate Committee on Tuesday, November 15th, that the Connecticut Insurance Department (the “CID”) is currently considering options to revise requirements governing hurricane deductibles. Commissioner Leonardi reported that following Hurricane Irene, Connecticut residents filed 58,002 claims, and as of October 31st, 64 days after the hurricane, $161 million have been paid to policyholders. …
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Connecticut Insurance Department enters Cooperation Agreement with Swiss Regulators
By Troutman Pepper Locke on
Posted in Connecticut Developments, Regulatory
On September 23, 2011, the head of the Connecticut Insurance Department (the “CID”), Commissioner Thomas Leonardi, announced the signing of a memorandum of understanding (“MoU”) with the Swiss Financial Market Supervisory Authority (“FINMA”), the governmental body responsible for financial regulation in Switzerland. …
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Connecticut Insurance Commissioner Issues Solvency II Warning
By Troutman Pepper Locke on
On August 17, 2011, Connecticut Insurance Commissioner Thomas B. Leonardi released a statement titled “Solvency II: ‘One Size Does Not Fit All’,” in which he warns that adopting Solvency II (as previously reported here) standards in the U.S. could “weaken consumer protections and stability of insurers.” The comments came during an online forum hosted by Price Waterhouse Coopers regarding, among other topics, solvency regulation. …
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Edwards Angell Palmer & Dodge and Wildman, Harrold, Allen & Dixon LLP Announce Merger
The law firms of Edwards Angell Palmer & Dodge LLP and Wildman, Harrold, Allen & Dixon LLP today announced that they will merge on October 1, 2011 (you can read the press release here). The new firm, with 13 offices and 650 lawyers, will be known as Edwards Wildman Palmer LLP. …
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Second Circuit Throws Out Criminal Convictions Stemming From Reinsurance Transactions
By Troutman Pepper Locke on
In a 77-page decision handed down this morning, the U.S. Court of Appeals for the Second Circuit vacated the convictions of five former insurance executives whom prosecutors had alleged engaged in a fraudulent reinsurance transaction. A new trial has been ordered. United States v. Ferguson, et al., No. 08-6211-cr (L) (2d Cir. Aug. 1, 2011). A copy of the court’s decision is available here. …
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