The state of Connecticut, which on June 2 enacted legislation to become a captive insurer domicile, won't be funding the operation for months or hiring a captive administrator any time soon, an official said.
Debra Korta, state legislative program manager, said the law does not become effective until Jan. 1, 2009. "We're in the very early stages of implementing the law," she explained.
What's more, Ms. Korta said, funding for the captive division–allowing for three positions–will not be effective until Oct. 1, 2009. There also is a hiring freeze in effect, issued by Gov. Jodi Rell, which will need to be considered, she said.
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