Sec. 38a-91gg. Annual reports.
Sec. 38a-91gg. Annual reports. (a) Captive insurance companies shall not be required to make any annual report except as provided in sections 38a-91aa to 38a-91qq,
inclusive.
(b) Prior to March first of each year, each captive insurance company shall submit
to the Insurance Commissioner a report of its financial condition verified by oath of two
of its executive officers. Each captive insurance company shall report using generally
accepted accounting principles, unless the commissioner approves the use of statutory
accounting principles, with any appropriate or necessary modifications or adaptations
required or approved or accepted by the commissioner for the type of insurance and
kinds of insurers to be reported upon, and as supplemented by additional information
required by the commissioner. Except as otherwise provided, each association captive
insurance company and each risk retention group shall file its report in the form required
by sections 38a-53 and 38a-53a. The commissioner may adopt regulations, in accordance with chapter 54, to establish the manner in which pure captive insurance companies
and industrial insured captive insurance companies shall report. The provisions of subsection (b) of section 38a-69a shall apply to each report filed pursuant to this section.
(c) Any pure captive insurance company or industrial insured captive insurance
company may make written application to the commissioner for approval to file the
required report at the end of the fiscal year. If the commissioner grants approval for
such alternative reporting date:
(1) The annual report shall be due sixty days after the end of the fiscal year; and
(2) In order to provide sufficient detail to support the premium tax return, the pure
captive insurance company or industrial insured captive insurance company shall file
prior to March first of each year for each calendar year-end such information as the
commissioner may prescribe verified by oath of two of its executive officers.
(P.A. 08-127, S. 7.)
History: P.A. 08-127 effective January 1, 2009.
See Sec. 38a-91nn re premium receipts tax.