The Marsh annual benchmarking report for 2012 found that new captive owners are gravitating toward onshore domiciles in the US and the EU, although few existing captives are re-domesticating to onshore jurisdictions.
The latest Direct Taxation Arrangement (DTA) to be signed into law is between Guernsey and Hong Kong.
Following in the footsteps of its European counterpart Solvency II, the South African Solvency Assessment and Management (SAM) regime for insurers has been delayed.
Guernsey’s decision to opt out of Solvency II has helped to strengthen its global position in the captive industry, with the Island welcoming 72 licensees in 2011 and a further 97 in 2012, bringing total captives to 737 by the close of 2012.
Tennessee governor, Bill Haslam has signed new protected cell captive insurance legislation into law, lowering capital and surplus requirement and eliminating the requirement for a holding company.
All legal processes for the merger of Business Bermuda and the Insurance Development Council into the Bermuda Business Development Corporation (BBDC) were completed on Friday.
The CCRIF has signed a Memorandum of Understanding formalising a donation of $100,000 to the government of Jamaica to aid in the nation’s post-Sandy recovery.
The Executive Committee of the NAIC has announced plans to establish an American Indian Liaison Committee to address insurance issues involving the cooperation and relationship between sovereign states and sovereign tribal nations.
The Cayman Islands will be rolling a rebrand of its captive sector at this year’s RIMS in Los Angeles under the tagline Cayman Islands: clearly better business, as the domicile promotes its international credentials in transparency.
In its latest Global Forum Peer Review, the OECD has given Cayman top marks for its “robust and transparent” legal and regulatory regime.