Delaware’s Captive Insurance Association has voiced its opposition to the NAIC’s Rector Proposal, which intends to limit the flexibility of assets used to support insurance reserves and may impact the value proposition of life reinsurance captives.
Cayman premier, Alden McLaughlin defended Cayman’s tax record on BBC’s HARDtalk arguing that the Island is in fact more tax transparent than the UK.
FERMA has asked the EU not to intervene in the regulation of national insurance contracts, arguing that such an approach will jeopardise the market’s ability to write large cross-border risks.
US convenience store, The Pantry, has formed a pure captive in North Carolina, the state’s first new entrant for 2014.
Texas has licensed its first captive insurer this week following the enacting of captive legislation in June last year.
Hong Kong’s Legislative Council has passed an Inland Revenue Amendment that will provide a 50 percent tax concession on the profits of captive insurers.
Cayman has welcomed three new captive managers in recent months as it looks to further develop its global position.
Vermont has further strengthened its proposition as the US’s leading captive domicile passing the Legacy Insurance Management Act, which will enable to creation of specialist insurance company that will acquire state run-off business.
AIG launches a segregated cell captive, Grand Isle SAC, which will extend alternative risk financing facilities to small and medium-sized companies globally.
David Snowball has been appointed as the new captive director at the Utah Insurance Department. He will replace Ross Elliott, who retires at the end of March.