(a) Captive insurance companies shall not be required to make any annual report except as provided in sections 38a-91aa to 38a-91tt, inclusive.

(b) (1) (A) Except as provided in subparagraph (B) of this subdivision, prior to March first of each year and, in the case of pure captive insurance companies and industrial insured captive insurance companies, prior to March fifteenth of each year, each captive insurance company shall file with the commissioner a report of the captive insurance company’s financial condition verified by oath of two executive officers of the captive insurance company. The commissioner shall establish the form and content of the annual report to be filed by special purpose captive insurance companies.

(B) Each branch captive insurance company shall file with the commissioner a copy of all reports and statements required to be filed under the laws of the jurisdiction in which the alien captive insurance company or foreign captive insurance company is formed. Such reports and statements shall be verified by oath of two executive officers of the branch captive insurance company and filed with the commissioner on the same day that such reports and statements must be filed in the domiciliary jurisdiction of the alien captive insurance company or foreign captive insurance company. If the commissioner is satisfied that the annual report filed by the alien captive insurance company or foreign captive insurance company in the domiciliary jurisdiction of the alien captive insurance company or foreign captive insurance company provides adequate information concerning the financial condition of the alien captive insurance company or foreign captive insurance company, the commissioner may waive the requirement for completion of the annual report required under subparagraph (A) of this subdivision. If the commissioner is not satisfied with such reports and statements, or if the branch captive insurance company is not required to file such reports and statements in the domiciliary jurisdiction of the alien captive insurance company or foreign captive insurance company, the branch captive insurance company shall file a report, at a time and in a form and manner prescribed by the commissioner, that provides the commissioner with adequate information concerning the financial condition of the alien captive insurance company or foreign captive insurance company.

(2) (A) Each captive insurance company other than a special purpose financial captive insurance company shall report using generally accepted accounting principles, unless the commissioner requires, approves or accepts the use of statutory accounting principles or other comprehensive basis of accounting, with any appropriate or necessary modifications or adaptations required or approved or accepted by the commissioner for the type of insurance and kinds of insurers to be reported upon, and as supplemented by additional information required by the commissioner. Except as otherwise provided, each association captive insurance company and each risk retention group shall file its report in the form required by sections 38a-53 and 38a-53a. The commissioner may adopt regulations, in accordance with chapter 54, to establish the manner in which pure captive insurance companies and industrial insured captive insurance companies shall report. The provisions of subsection (b) of § 38a-69a shall apply to each report filed pursuant to this section.

(B) Each special purpose financial captive insurance company shall report using statutory accounting principles, unless the commissioner requires, approves or accepts the use of generally accepted accounting principles or other comprehensive basis of accounting, with any appropriate or necessary modifications or adaptations required or approved or accepted by the commissioner and as supplemented by additional information required by the commissioner.

(c) (1) Any pure captive insurance company or industrial insured captive insurance company may make written application to the commissioner for approval to file the required report at the end of its fiscal year. If the commissioner grants approval for such alternative reporting date:

(A) The annual report shall be due not later than seventy-five days after the end of its fiscal year; and

(B) In order to provide sufficient detail to support the premium tax return, the pure captive insurance company or industrial insured captive insurance company shall file prior to March fifteenth of each year for each calendar year-end such information as the commissioner may prescribe, verified by oath of two of its executive officers.

(2) Any branch captive insurance company may make written application to the commissioner for approval to file the required reports and statements at the end of its fiscal year. If the commissioner grants approval for such alternative reporting date, the reports and statements shall be due not later than sixty days after the end of its fiscal year.

(3) Any special purpose financial captive insurance company may make written application to the commissioner for approval to file the required report at the end of its fiscal year. If the commissioner grants approval for such alternative reporting date, the commissioner shall establish the content of any additional filing required from such company.