On December 18th, 2020, the Connecticut Insurance Department issued Bulletin Number FS-4SL-20 requiring that every eligible foreign surplus line insurer submit to the Commissioner a report, in compliance with NAIC report guidelines, detailing the financial health and conditions of the insurer as of December 31st, 2020.
This report must be signed and sworn by the President, or Vice-President, of the insurer and must be submitted to the Commissioner by March 1st, 2021. Furthermore, foreign surplus line insurers will be required to submit additional quarterly financial reports of a similar kind in 2021, the first being due on May 15th, 2021.
These reports should be submitted to the Commissioner electronically through the NAIC. For more details relating to the above financial reports, please review the Bulletin HERE.
For more information on this Bulletin, or any other regulatory compliance matter, please contact Westmont Associates, Inc.