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Airmic welcomes UK Supreme Court decision to uphold FCA business interruption ruling
John Ludlow, Airmic’s chief executive, has called the UK Supreme Court’s ruling on the Financial Conduct Authority's business interruption insurance case for COVID-19 claims “one of the most important legal issues of the last decade.”
CICA, VCIA and CICDC urge US Treasury not to limit captive access to TRIP
The Captive Insurance Companies Association (CICA), the Vermont Captive Insurance Association (VCIA) and the Captive Insurance Council of the District of Columbia (CICDC) have urged the US Treasury Department to maintain captives’ access to the Terrorism Risk Insurance Program (TRIP).
CIMA revokes licence for CTS Captive Management
The Cayman Islands Monetary Authority (CIMA) has revoked the licence of CTS Captive Management for breaching the terms of the Insurance Act 2010.
Causey sworn in for second term as North Carolina Insurance Commissioner
Mike Causey took the oath of office for his second term as North Carolina’s Insurance Commissioner on January 9, 2021.
Alabama considers revisions to the Alabama Captive Insurers Act
A bill has been presented in Alabama that will update the Alabama Captive Insurers Act to provide greater economic growth and development for the state’s captive insurance industry.
Kovrr achieves SOC 2 type II certification
Kovrr, a cyber risk modeling company, has completed its service organisation control (SOC) 2 type II certification, demonstrating its ability to implement and execute strict security policies to protect customers data.
Guernsey introduces pre-authorisation scheme for insurance cells
The Guernsey Financial Services Commission (GFSC) has introduced a pilot scheme for pre-authorisation for insurance cells.
Gibraltar amends legislation to allow licensed intermediaries to appoint insurance managers
HM Government of Gibraltar has introduced amendments to its insurance legislation to permit Gibraltar licensed insurance intermediaries to appoint an insurance manager.
US Treasury invites feedback on the way TRIP treats captives
The US Department of the Treasury is seeking comment from the industry regarding the way captive insurance companies are treated by the Terrorism Risk Insurance Program (TRIP), required by the Terrorism Risk Insurance Program Reauthorization Act of 2019.
Global Century Insurance Brokers and Quantibridge Capital accused of defrauding Vermont-based RRG
Michael Pieciak, the commissioner of the Vermont Department of Financial Regulation, has filed a suit against Global Century Insurance Brokers (GCIB) and Quantibridge Capital, as well as individuals Jasbir Thandi and Jaspreet Singh Padda, for allegedly participating in a scheme to defraud Global Hawk Insurance Company Risk Retention Group.
