Articles

Law & regulation

Working from home: internal control considerations and the COVID-19 pandemic

An objective review of the design and operating effectiveness of internal controls is instrumental to ensuring continued success in the remote working environment, say Johnson Lambert’s Kathryn Gifford and Raina Tripp.   21 August 2020

Actuarial & underwriting

Regulators should use consulting actuaries to analyse captive loss projections: VCIA

Captive insurance regulators should use consulting actuaries to analyse the loss projections of captives under their oversight to determine whether they are engaged in genuine risk transfer.   18 August 2020

Law & regulation

BMA confirms registration for Pearl Insurance

The Bermuda Monetary Authority (BMA) confirmed the registration of Pearl Insurance Group, a class one insurer, in July.   10 August 2020

Law & regulation

TDCI names Joshua Clark as director of business development for insurance

The Tennessee Department of Commerce and Insurance (TDCI) has appointed Joshua Clark as its new director of business development for the insurance division, where he is responsible for expanding the use of captives.   4 August 2020

Law & regulation

South Africa’s FSCA proposes new rules for cell captives

South Africa’s Financial Sector Conduct Authority (FSCA) has published a revised draft of its conduct standard outlining the requirements relating to third party cell captive insurance business.   31 July 2020

Accounting & tax analysis

More than 20 captives bodies file key brief in IRS CIC vs IRS Supreme Court case

It relates to Notice 2016-66 that forces some captives owners to report tax details to the IRS.   24 July 2020

Accounting & tax analysis

Blow for 831(b)s as tax court confirms IRS will seek 40% penalties

While the penalty is lower in the Oropeza case, this is an exception.   24 July 2020

Accounting & tax analysis

More detail emerges on captive coalition’s amicus brief filed in CIC case

It addresses specific concerns the captive insurance industry has around recent actions by the IRS.   24 July 2020

Law & regulation

Captives find a home in The Bahamas

As a jurisdiction The Bahamas offers unique advantages when it comes to providing a home for small, private captives: a well-regulated insurance sector and a collaborative public-private sector approach, says Tanya McCartney of the Bahamas Financial Services Board.   17 July 2020

Law & regulation

Guernsey insurance industry signs up to UN Principles for Sustainable Insurance initiative

The Guernsey International Insurance Association (GIIA) has signed up to the United Nations’ Principles for Sustainable Insurance (PSI) initiative, as part of its commitment to the development of green and sustainable finance.   25 June 2020

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