The State of Vermont has introduced a new bill to tidy up and modernise parts of its captive insurance law as it enters its 2019 legislative session.
The Cayman Islands Monetary Authority (CIMA) issued 33 captive insurance licenses in 2018, and surrendered 26, bringing the total to 703.
The Bermuda Monetary Authority (BMA) registered 19 new captive insurance companies in 2018, up from 17 in 2017.
Hawaii licensed eight new captive insurance companies in 2018, according to statistics from the Insurance Division of the state Department of Commerce & Consumer Affairs.
The State of Delaware formed 46 captive insurers in 2018, 30 of which were the domicile's recently introduced conditional licenses, insurance commissioner Trinidad Navarro has revealed.
The Self-Insurance Institute of America (SIIA) has released a code of professional standards to provide ethical business conduct guidance to captive managers.
Connecticut has entered into two separate memoranda of understanding with The Hartford and Liberty Mutual Insurance to provide supplemental financial assistance to policyholders who file claims and receive awards to remediate their crumbling concrete foundations through the state’s captive insurance programme, the Connecticut Foundations Solutions Indemnity Company (CFSIC).
The US state of Michigan has changed some of the reporting requirements that relate to captives in the state. One of the changes means that captives can now report using international financial reporting standards.
A New York lawsuit has accused home care agencies Edison Home Health Care and Preferred Home Care oh New York of using a captive insurance company Healthcap Assurance to cheat their workers out of millions of Wage Parity Act (WPA) dollars, which would be paid in wages or employee benefits.
Arthur J Gallagher has hit back at the Arizona-based lawsuit accusing it and its subsidiary Artex Risk Solutions of selling and managing illegal tax-advantaged captives, the firm said in a statement.