Regulation and Oversight
Hong Kong Proposes Insurance Regulations That Include Captive Insurers
The Hong Kong Insurance Authority has made available draft rules for the maintenance of assets in Hong Kong pertaining to captive insurers. Learn More
Washington Fines Utah-Domiciled Captive for Failing To Register
Washington Insurance Commissioner Mike Kreidler has fined a Utah-domiciled captive insurance company as part of fines levied in November for violating Washington insurance laws and regulations. Mr. Kreidler fined Geoduck Insurance Group, Inc., for conducting insurance business in Washington between 2014 and 2021 without being registered as a captive insurer. Learn More
Bermuda Regulators, White Rock Bermuda Agree on Vesttoo Actions
The Bermuda Monetary Authority (BMA) and White Rock Insurance (SAC) Ltd. (White Rock Bermuda) have agreed to a course of action in the Supreme Court of Bermuda focused on pursuing maximum recovery for the (re)insureds affected by the alleged fraud involving Vesttoo-related segregated cell accounts. Read More
Washington Fines Utah-Domiciled Captive as Unauthorized Insurer
Washington Insurance Commissioner Mike Kreidler fined Utah-domiciled captive insurance company Drico Insurance Company $1,000 for transacting business in Washington without being authorized to do so by Washington’s Office of the Insurance Commissioner. Drico has written property, liability, and auto insurance in Washington since 2018. Read More
IAIS Paper Cites Importance of Insurers' Operational Resilience
While operational resilience is not a new concept to insurers, their increased reliance on digital systems as well as experiences gathered from the COVID-19 pandemic have heightened the focus on that resilience, as well as insurance supervisors' scrutiny of it. Read More
Airbnb Fined in Washington for Acting as an Unauthorized Insurer
Washington Insurance Commissioner Mike Kreidler has fined Airbnb $20,000 for acting as an unauthorized insurer in Washington State. Mr. Kreidler also ordered the company to obtain a surplus lines insurance policy to continue offering its Host Damage Protection program in Washington. Read More
Navigating a Year of Captive Insurance Regulatory Transition
Effective regulation is at the heart of a successful captive insurance industry. It's not surprising, then, that a flurry of recent of moves at the highest level of a number of states' captive regulatory operations caught the captive industry's attention. Read More