Connecticut Insurance Department Publishes Three Bulletins Mandating Financial Reporting

Carlton Fields
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The Connecticut Insurance Department issued three bulletins on November 17, 2015, each of which mandate financial reporting by insurers to the Department. Bulletin Number FS-4AR-15 requires all accredited reinsurers doing business in Connecticut to submit to the Department a report of its financial condition as of December 31, 2015, by March 1, 2016, as well as a copy of the company’s 2015 independent audit report, by June 1, 2016. Bulletin Number FS-4C-15 requires each captive insurance company domiciled or licensed in Connecticut to file financial reports with the Department by either March 1 or March 15, 2016, depending on the type of captive. Finally, Bulletin Number FS-4SL-15 requires each foreign eligible surplus lines insurer to submit a report of its financial condition to the Department on a quarterly basis.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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