STRATFORD, Conn. -- The Connecticut Captive Insurance Association recently named Sen. Kevin Kelly (R-Stratford) as one of its 2016 Legislative Champions.
Kelly, who also represents Monroe, Seymour and Shelton, was recognized for his continued leadership in insurance and risk management policy issues at the 2016 Annual Captive Insurance Symposium Thursday, Oct. 13, at the Sheraton Stamford.
“I was honored to receive the 2016 Legislative Champion award from CCIA,” Kelly said. “The association works hard each year to bring awareness to jobs in accounting, actuarial, legal and insurance fields.”
CCIA is a nonprofit trade association that works to promote the captive insurance industry and also strives to establish policy positions on major issues that impact members.
The 2011 legislative revision of the existing captive insurance law made Connecticut an appealing state to establish a captive insurance company – most due to the first-year tax credit for newly established captives, according to a release from the association.
Captive insurance is formalized self-insurance for businesses and is created to insure the risk of its owners and affiliates, the release said.
“Connecticut now has a favorable captive law which permits the formation of all types of captives,” Kelly said. “In 2011 we worked to make Connecticut a more competitive state by creating a tax credit against first-year premium taxes of $7,500 and establishing flexible annual reporting requirements. I have been proud to continue to work for and bring awareness to this important field, and I am humbled to receive this award.”