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Sponsor |
 January 10, 2012: The December 2011 GAO Report to Congressional Requestors on RISK RETENTION GROUPS -- Clarifications Could Facilitate States’ Implementation of the Liability Risk Retention Act has been released and is now available for downloads. |
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November 10, 2011 - Insights: The NAIC ORSA — The Evolutionary Process Continues
"As the National Association of Insurance Commissioner's (NAIC's) Own Risk and Solvency Assessment (ORSA) requirement has continued to evolve, Towers Watson has reported the changes in a series of papers. In our June 2011 Insights article, we detailed the NAIC's initial ORSA proposal requirements. Much has changed since then, and we subsequently released an update in August 2011 to keep our clients abreast of the ORSA changes. Continuing in that vein, the following article provides the latest information on the most recent changes to the requirement. What has happened, and what are the next steps?" [To full article] |
Towers Watson |
| November 2, 2011: Solvency II News: EIOPA Advice to the European Commission Equivalence assessment of the Bermudan supervisory system in relation to articles 172, 227 and 260 of the Solvency II Directive
This download covers EIOPA's recommendations to the European Commission on equivalence of the Bermuda insurance supervisory regime with Solvency II. For large commercial insurers and reinsurers (classes 3 and 4), the recommendation is that it is equivalent but with certain reservations (caveats). But for captives in classes 1 and 2, it suggests that the supervision isn’t at the same level (see page 48 for instance). [Download this report]
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[Link to EIOPA for more reports and downloads]
Captive.com wishes to thank our friends at FERMA for passing on this information for our website visitors! |
| August 3, 2011: Follow this link to a series of presentations discussing the Solvency II directive, and Guernsey's decision to not seek equivalency under Solvency II. As most of you know, Bermuda is seeking equivalency, while other jurisdictions such as Jersey will join Guernsey in not seeking equivalency.
There is excellent information here, as all captive domiciles contemplate how Solvency II will impact both individual domiciles, and our industry as a whole. [Take me there now] |
Guernseyfinance.com |
| June 24, 2011: Captive Legislative News: Passage of Assembly Bill 74 Makes Nevada a More Competitive Captive Domicile.
Our thanks to Jake Sunderland from the NV Division of Insurance for sharing with us the following summary of changes: "All the changes can be found in Sections 61 through 64 in AB 74 which can be found at this link: http://www.leg.state.nv.us/Session/76th2011/Bills/AB/AB74_EN.pdf
- Captive Industry stakeholders and the Division worked together to identify changes to NRS 694C that would allow Nevada to become more competitive as a “pure” captive insurance domicile:
- Allow both CPA’s and Actuaries to prepare pro-forma financial statements. (currently only CPA’s can)
- Allow single-parent/pure captives to file “Annual Financial Statements” on June 1st of each year instead of March 1st. (This change coincides with the filing of the “Annual Audited Financial Report”)
- Exempt single-parent/pure captives from the statutory examination requirement. In lieu of the current statutory requirement to examine companies every three years, the examinations would be ordered at the Commissioner’s discretion as needed.
- Nevada is the only state with a statutory requirement to examine all single parent/pure captives."
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and the Nevada Division of Insurance. |
| January 7, 2011: Compliance Bulletin: New Legislation Dealing with Incorporated Cell Companies in Malta
"On the 28th of December 2010, the the Minister of Finance, the Economy and Investment, acting on the advice of the Malta Financial Services Authority, issued 2 new legal notices relating to incorporated cell companies..." [Download full bulletin] |
Ganado & Associates, Advocates |
December 3, 2010: Regulatory Bulletin 2010-03 -- NAIC Accreditation Requirements for Risk Retention Group Captives.
"The purpose of this Regulatory Bulletin is to notify you of new National Association of Insurance Commissioners’ (NAIC) accreditation requirements applicable to risk retention group captives (RRG captives). This Bulletin relates solely to requirements for RRG captives and does not apply to any other captive insurers. Arizona Department of Insurance Regulatory Bulletin 2005-7 is hereby amended, and superseded if inconsistent, by this Bulletin solely as it relates to RRG captives compliance with the specific provisions of Title 20 discussed herein..." |
Captive Division, Arizona Department of Insurance |
November 22, 2010: NAIC Fall 2010 National Meeting Summary
This summary was shared with captive.com by EWI Risk Services
The paper was prepared by Jennifer Burton, John Roberts and Larry Perdue, Insurance Services Group, and Tom McIntyre and Wanda LaPrath, Regulatory Insurance Services Practice in the Dixon Hughes Insurance Services Group. |
EWI Risk Services
and
Dixon Hughes Insurance Services Group
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Updates posted November 12, 2010: New standards for RRGs effective 1/1/11 – specifically, the Holding Company Act and the Reinsurance Standards.
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FEDERAL
LIABILITY RISK RETENTION ACT OF 1986, 15 USC 3901-3906 (1981,
as amended 1986), downloadable in pdf. |
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November 29, 2010: Solvency update: Informational e-mail from Richard Dean, Manager, Insurance Policy, Reserve Bank of New Zealand, subject -- Insurance (Prudential Supervision) Act 2010: Release of Solvency Standards.
November 2, 2010: Excel spreadsheet entitled, "Captive Insurance Solvency Standard - Worked Example and Calculation Template." This worksheet template reflects the second consultation version of the Solvency Standard For Captive Insurers Transacting Non-life Insurance Business. [Download now].
October 29, 2010 Review of the 2nd draft Solvency standard issued by the Reserve Bank for Captive Insurers |
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