ING US, which will be rebranding as Voya Financial, has announced the redomestication of its reinsurance subsidiary, Security Life of Denver International (SDLI), from Cayman to Arizona.
SLDI primarily serves as the reinsurer of the living benefits associated with ING US's Closed Block Variable Annuity (CBVA) book, and has been approved as an Arizona-domiciled captive reinsurer by the Arizona Department of Insurance.
SDLI will adopt US accounting principles under the move, which will have no effect on statutory financial requirements. The move will also have no impact on ING US’s capital position.
Commenting on the redomestication, a spokesman from ING told Captive International that ING US "felt it was appropriate to move SLDI onshore and under the jurisdiction of a US regulator".
ING US also viewed the move "as an opportunity to align SLDI’s accounting basis to US GAAP" principles.