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Hartford is trying to recapture its status as the nation’s insurance capital.

Connecticut wants to bring new companies that specialize in captive insurance, which is a form of self-insurance. Gov. Dannel P. Malloy is asking the legislature to set up a division in the state Insurance Department to regulate the companies.

Source article click here.

 

The governor also wants more staffers in the Insurance Department who will keep up with new finance industry regulations and protect consumers from fraud.

The state’s insurance commissioner says Connecticut should seek captive insurance companies that are being lured to Vermont and other states. He says Connecticut is helped by its 200-year history with the insurance industry.

Insurance jobs have fallen nearly 30 percent since 1990, but Connecticut still is near the top in insurance premiums written.

 

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