OTHER STATES WANT CONNECTICUT’S BUSINESS
Iowa, Minnesota, Maryland, California, New Jersey – these are just some of the states who would love to have Connecticut’s strong insurance industry, and who are making an effort to attract insurance businesses to relocate within their borders.
Across the country, states have recognized the potential for growth and development the insurance industry offers, the impact it has on creating knowledge-based and technology-based jobs, and the benefits an expanded presence can bring to a community. As a result, many are instituting policies to reduce business costs and improve their business environment, and offering incentives to induce businesses to relocate or expand there.
Some of the more aggressive states include:
Iowa: Since 1988, Iowa has instituted a series of legislative and regulatory changes specifically targeted toward insurance businesses in other states, and has sold its advantages aggressively and consistently. (more info)
New Jersey: With a package of financial and tax incentives, New Jersey is promoting its technological expertise and marketing hard to businesses in other Northeast states.
New York: The Empire State’s lead economic development agency includes a “cluster” organization targeting nearby states’ insurance operations.
Indiana: Indiana is emphasizing its low, flat premium tax rate and its reform of regulations to improve the speed to market for new products.
