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Bermuda analysis
CICA has reiterated its disapproval of the NAIC’s proposed definition of 'multi-state reinsurer', stating that it would impose an unreasonable and unneeded regulatory burden on the captive industry. 21 May 2014
Law & regulation
The state of Connecticut’s insurance department has updated its existing captive statutes by making changes to Senate Bill 188. 15 May 2014
Law & regulation
JLT Insurance Management has joined with CICA and the captive industry in requesting for the NAIC to reconsider its proposed definition of "multi-state reinsurer." 12 May 2014
Law & regulation
Public Act No. 14-6, which would amend Connecticut’s captive insurance law, has passed both the Connecticut state senate and House of Representatives, and is on its way to governor Malloy’s desk for signature. 7 May 2014
Feasibility studies analysis
The Texas Department of Insurance has welcomed one new captive and two redomesticated captives to the state as Texas opens its doors to the captive concept. 11 April 2014
Analysis
Risk Reinsurance, the captive of Transpower New Zealand, the state-owned operator of the country’s electricity grid, has had its financial strength rating downgraded from A+ to A by AM Best. 3 April 2014
Analysis
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. 31 March 2014
EMEA analysis
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. 27 March 2014
Actuarial & underwriting
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. 13 March 2014
Executive Appointments
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. 10 March 2014
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