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New Captive Models
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. 23 April 2013
Analysis
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. 22 April 2013
Executive Appointments
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. 19 April 2013
Analysis
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. 19 April 2013
Cayman analysis
In its latest Global Forum Peer Review, the OECD has given Cayman top marks for its “robust and transparent” legal and regulatory regime. 18 April 2013
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
Accounting & tax analysis
Guernsey’s tax standards have been endorsed by the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes. 15 April 2013
Cayman analysis
A scholarship fund run by IMAC, which has sent 24 Caymanian students to complete post-secondary education since 1994, received a donation of $20,000 from Cayman-domiciled captive Churchill Casualty. 12 April 2013
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