The Business and Labour Committee for the State of Utah has unanimously approved a motion to introduce a bill that will allow the state to operate its own captive insurance company.
The European Council had added Anguilla and Barbados to the EU “blacklist” of non-cooperative jurisdictions for tax purposes.
Fenhua Liu has been named as the new director of the Connecticut Insurance Department’s captive insurance division.
The US Court of Appeals for the Ninth Circuit has decided in favour of Artex Risk Solutions and TSA Holdings, formerly Tribeca Strategic Advisors in an appeal of the case Shivkov vs Artex Risk Solutions.
Law firm Carlton Fields has hired Thomas Morante and Yani Contreras to serve on its financial services regulatory practice group and life, annuity and retirement solutions industry group.
Arsenal has hired Cassie Bachman as director of legal affairs, who serves as the internal legal counsel for Arsenal and its subsidiaries.
The Bermuda Monetary Authority (BMA) has named Gerald Gakundi as its new director of supervision for insurance, promoting him from his former role of deputy director of the group.
The Oklahoma Insurance Department (OID) has reduced the capitalisation requirement for certain special purpose captive insurers to $50,000, effective from September 16, 2020.
The South Carolina Department of Insurance (SCDOI) has promoted Dan Morris to deputy director for solvency. He takes on overall responsibility for the captive division, as well as the analysis and examination of traditional companies, replacing Lee Hill, who recently retired.
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.