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Utah instigates process to allow for a state captive insurance company
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.
Anguilla and Barbados added to EU blacklist
The European Council had added Anguilla and Barbados to the EU “blacklist” of non-cooperative jurisdictions for tax purposes.
Connecticut insurance regulator promotes Fenhua Liu to director of captives
Fenhua Liu has been named as the new director of the Connecticut Insurance Department’s captive insurance division.
US Court of Appeals decides Artex vs. Shivkov dispute must be settled by individual arbitration
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 Carton Fields hires two insurance specialists
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 hires Cassie Bachman as internal legal counsel
Arsenal has hired Cassie Bachman as director of legal affairs, who serves as the internal legal counsel for Arsenal and its subsidiaries.
BMA promotes Gerald Gakundi to director of supervision for insurance
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.
Oklahoma reduces capitalisation requirement for some special purpose captives
The Oklahoma Insurance Department (OID) has reduced the capitalisation requirement for certain special purpose captive insurers to $50,000, effective from September 16, 2020.
SCDOI makes four promotions in the captives division
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.
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.
