Bill > H1191

This bill revises terminology and clarifies regulations for captive insurance companies, which are specialized insurance companies formed to insure the risks of their owners or affiliated entities. Key provisions include prohibiting industrial insured captive insurance companies from insuring risks beyond those of their industrial insureds and their affiliates, while authorizing them to provide excess workers' compensation and employer's liability insurance if they maintain at least $20 million in capital and surplus. The bill also clarifies that the Office of Insurance Regulation (OIR) is responsible for certain duties, specifies which existing insurance laws apply to different types of captive insurance companies, and requires pure captive insurance companies to submit risk management standards for controlled unaffiliated businesses to the OIR for approval.