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AN ACT CONCERNING CAPTIVE INSURANCE. To: (1) Expand the applicability of the insurance penalty provision to captive insurance companies; (2) allow any captive insurance company to convert into one or more protected cells without impacting such company's assets, rights, benefits, obligations and liabilities; (3) allow any protected cell to be sold, transferred, assigned or conveyed to a new or existing sponsored captive insurance company with all of such protected cell's assets, rights, benefits, obligations and liabilities; and (4) allow the commissioner to separate any insolvent protected cell from any sponsored captive insurance company and address the insolvency of such protected cell separate from the financial condition of such sponsored captive insurance company.