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.
The Bermuda Monetary Authority (BMA) confirmed the registration of Pearl Insurance Group, a class one insurer, in July.
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.
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.
It relates to Notice 2016-66 that forces some captives owners to report tax details to the IRS.
While the penalty is lower in the Oropeza case, this is an exception.
It addresses specific concerns the captive insurance industry has around recent actions by the IRS.