Connecticut introduces captive insurance laws to address rising business insurance premiums.

Connecticut aims for another insurance boom with new laws, addressing rising business insurance costs. Premiums have increased for 26 consecutive quarters, with a 7.7% rise in all lines of coverage. Connecticut's Insurance Department introduces captive insurance, where companies take insurance coverage in-house and assume risks. This niche industry has grown, sending $1.3M in fees and taxes to state coffers in 2023.

July 27, 2024
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