Superintendent Sought for New Connecticut Captive Insurer

The incorporators of a new Connecticut captive insurer, Connecticut Foundation Solutions Indemnity Company, LLC (CFSIC), have released a request for proposal (RFP) seeking a superintendent for the company. Interested parties can find a copy of the RFP on Captive.com. The superintendent will assist the incorporators and organizing committee in the formation and implementation of the captive.

CFSIC was created to assist Connecticut residents who have experienced problems with crumbling foundations as a result of pyrrhotite in the aggregate used for the concrete. In 2017, enabling legislation created the Crumbling Foundations Assistance Fund that will be funded with $100 million in state bonds over 5 years. The fund will be administered through CFSIC, a nonprofit captive insurance company, for the purpose of providing assistance to owners of residential buildings with concrete foundations that have deteriorated due to the pyrrhotite. CFSIC will operate until June 30, 2022, or until its existence is terminated by law.