Expansion and Corporate Amendment Applications - Seasoning Requirements

ST A TE OF CONNECTICUT INSURANCE DEPARTMENT BULLETIN FS - 33 May 8, 2018 TO: All Insurance Companies and Other Regulated Entities RE: Expansion and Corporate Amendment Applications - Seasoning Requirement This Bulletin is to inform all insurance companies looking to file an Expansion or Corporate Amendment Application of a reduction to the Connecticut Insurance Department's seasoning requirement. Pursuant to the historic business experience requirements set forth in section 38a-41-3(2) of the Regulations of Connecticut State Agencies, to be eligible for foreign admission, the Connecticut Insurance Department hereby requires that all applicants have at least two (2) years of active premium writings in its state of domicile or other U.S. jurisdiction. Two (2) years of active premium writing in sufficient volume will be used to assess the adequacy of the company's equity resources as related to its proposed business plan and to evaluate its potential to perform on its policy obligations. This requirement may be waived if the applicant is a wholly-owned subsidiary of a currently admitted company or is a survivor corporation ih the case of mergers and consolidations of companies licensed in Connecticut. Questions Please contact the Insurance Department Financial Regulation Division at cid.financial@ct.gov with any questions. ~l.\NaJ,c_ Katharine L. Wade Insurance Commissioner www.ct.gov/cid P.O. Box 816 Hartford, CT 06142-0816 An Equal Opportunity Employer