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Law & regulation
The Captive Insurance Companies Association (CICA) has renewed its support for the Coalition for Competitive Insurance Rates (CCIR) in response to the US budget. 18 April 2013
Law & regulation
A court of appeals has affirmed a District Court ruling that the State of Nevada cannot deny a risk retention group the right to do business in the State, ending a dispute that began in 2010. 17 April 2013
Law & regulation
Energy giant, BP’s Vermont-based Saturn captive has had its A- rating affirmed by AM Best; in a move that reflects its strong capitalisation, “low risk retention and excellent group reinsurance support.” 16 April 2013
Law & regulation
Delaware-domiciled United Contractors’ Insurance Company was downgraded by A.M. Best, their financial strength rating falling to C- and issuer credit rating to “cc”, before the rating agency withdrew the ratings at the request of the company’s management. 10 April 2013
Bermuda analysis
A.M. Best announced that Bermuda-domiciled Transmonde Services Insurance Company has been upgraded to a financial strength rating of A (Excellent) from A-. 8 April 2013
Analysis
The Cayman Islands government has announced its adoption of Model 1 of the intergovernmental agreement on FATCA, with similar agreements forthcoming with the UK. 5 April 2013
Accounting & tax analysis
Guernsey has signed a double taxation agreement with Qatar in a move that will cement growing commercial ties between the two domiciles. 4 April 2013
Executive Appointments
The Self-Insurance Institute of America (SIIA) announced a reorganised government relations team based in Washington, D.C. The team was adjusted to increase the organisation’s political influence, particularly with key Democrats and the media. 4 April 2013
Analysis
The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on guidelines related to preparations for Solvency II. 4 April 2013
Cayman analysis
AM Best has assigned a financial strength rating of A+ (Superior) and issuer credit rating of “aa-“ to Risk Reinsurance Limited (RRL), a captive insurance company of state-owned enterprise Transpower New Zealand Limited. 2 April 2013
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