Captive Domiciles

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North Carolina Commissioner Vows Support for Captive Insurance

North Carolina Insurance Commissioner Mike Causey says he intends to work with both state legislators and the state's captive insurance industry to further enhance North Carolina's status as a top domicile. Mr. Causey was recently reelected to a second term as insurance commissioner.
November 25, 2020 Read More
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Hardening Market Driving District of Columbia Captive Formations

Amid hardening conditions in the traditional market, District of Columbia captive regulators are expecting the domicile's captive growth to continue. So far this year, the District of Columbia has licensed 13 captives with regulators expecting five to 10 more captive applications to be filed before the end of the year.
October 29, 2020 Read More
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DC Captive Group Prepares for Virtual 2020 Annual Conference

Registration is underway for the annual conference of the Captive Insurance Council of the District of Columbia, Inc. (CIC-DC), scheduled for October 27. Due to the COVID-19 pandemic, this year's CIC-DC conference will be conducted online but will offer a number of sessions featuring top captive insurance industry experts.
October 15, 2020 Read More
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European Union Removes Cayman Islands from Tax "Blacklist"

The European Union has removed the Cayman Islands from its "blacklist" of noncooperative jurisdictions for tax purposes. In a statement, the European Council said the Cayman Islands, along with Oman, were removed from the blacklist "after having passed the necessary reforms to improve their tax policy framework."
October 08, 2020 Read More
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Tennessee Captive Group Plans 2-Day Online Captive Seminar

The Tennessee Captive Insurance Association (TCIA) will hold a 2-day online captive insurance seminar December 8–9 that will focus on a number of captive issues. Session topics will include the Tennessee domicile, TCIA developments, legislative issues, and a regulators' panel.
October 06, 2020 Read More
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Strategic Risk Solutions' Continued Expansion Likely To Be in Guernsey

The next step in Strategic Risk Solutions' continued expansion into the European market looks likely to be in Guernsey. Derek Bridgeman, managing director at Strategic Risk Solutions and risk consulting practice leader for SRS Europe, explained why Guernsey is the "next part of the jigsaw."
September 03, 2020 Read More

Guernsey Insurance Industry Looks To Create ESG Symbol

Guernsey's insurance industry is working to develop a kitemark that would create an independently verifiable symbol of its insurance-linked securities platforms to demonstrate their environmental, social, and governance (ESG) credentials. A kitemark is a recognizable mark that designates that a product or service has met standards for quality or safety.
July 13, 2020 Read More
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Vermont Governor Signs Legislation Updating State's Captive Law

Vermont Governor Phil Scott has signed legislation updating Vermont's captive insurance law. Changes made by the measure were intended to increase efficiency while adding flexibility to the state's regulatory policies and procedures. Vermont regularly updates its captive insurance statutes.
June 18, 2020 Read More
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Vermont Lawmakers Update State's Captive Insurance Statute

Continuing its history of regularly updating the state's captive insurance company statute, Vermont lawmakers last week gave final approval to legislation that makes several changes to the state's captive law. Governor Phil Scott is expected to sign the measure, S. 255.
June 02, 2020 Read More
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Guernsey Reopening after More Than 2 Months in COVID-19 Lockdown

Guernsey's financial services sector is emerging from its COVID-19 lockdown. The island, a leading domicile for captive insurance, alternative investment funds, and private wealth, went into lockdown on March 24 to help control the spread of the disease. There are currently no known active COVID-19 cases in the island.
June 02, 2020 Read More
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COVID-19 Pandemic Slows Pace of Captive Insurance Law Updates

While the COVID-19 pandemic has slowed state legislatures' updates of their captive insurance statutes this spring, some states have moved forward in 2020 and passed captive legislation. In other captive domiciles, state lawmakers did not complete action on captive legislation before adjourning.
June 01, 2020 Read More
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Oklahoma Legislation Specifies Captive Premium Tax Distribution

Legislation approved by Oklahoma lawmakers and signed into law May 19 by Governor Kevin Stitt specifies how premium taxes paid by captive insurance companies must be allocated by the state insurance commissioner.
May 18, 2020 Read More
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Connecticut Partners with Accounting Firms To Expand Captive Market

The Connecticut Insurance Department is partnering with accounting firms to expand the state's captive insurance market. The department said that as trusted advisers to most midsized businesses, accounting firms "are best positioned to assist in the education and communication of the benefits of captive insurance companies to these businesses."
April 24, 2020 Read More
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Tennessee Relaxes Captive Meeting Requirements Due to COVID-19

Due to the spread of the coronavirus, the Tennessee Department of Commerce and Insurance is temporarily suspending its requirement of in-person meetings with prospective captive insurance company sponsors. Instead, Tennessee captive staffers will meet prospective captive insurance company owners and their captive managers by video conference.
April 23, 2020 Read More
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Kentucky Extends Captive Filing Deadlines Due to COVID-19

Due to the COVID-19 pandemic, Kentucky captive insurance companies will get more time to file certain information with the Kentucky Department of Insurance.
April 09, 2020 Read More
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New Utah Law Lets Captives Reinsure Risks from Any Insurer

Legislation recently signed into law by Utah Governor Gary Herbert will expand the business that Utah captive insurance companies are allowed to do. The new measure, HB 37, will allow Utah captives to reinsure risks ceded by any other insurer.
April 02, 2020 Read More
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Vermont Eases In-State Board Meeting Requirement Due to COVID-19

The Vermont Department of Financial Regulation (DFR) has eased its requirement for in-state captive insurance company board meetings in 2020 due to the COVID-19 outbreak. The DFR said it will allow captive boards unable to hold required annual meetings in Vermont in 2020 to seek a waiver from the department.
March 27, 2020 Read More

Bermuda Extends Captive Reporting Deadline Due to COVID-19

Responding to the business disruptions resulting from COVID-19, the Bermuda Monetary Authority (BMA) is giving captive insurers licensed in the domicile more time to file annual reports. The BMA said it will waive the fee that had applied for captive insurance companies that sought a 1-month delay in filing requirements.
March 20, 2020 Read More
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Alabama Adds 14 New Captive Insurance Companies in 2019

Continuing impressive growth, the Alabama Department of Insurance licensed 14 captive insurance companies in 2019, the second straight year the state hit that licensing mark. With 73 captive insurance companies at the end of 2019, Alabama is one of the larger captive insurance domiciles in the southeastern United States.
March 18, 2020 Read More
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Vermont Postpones Mexico City Captive Insurance Forum over COVID-19

COVID-19 continues to interfere with captive insurance company scheduled events, the latest being a Vermont-led captive insurance forum in Mexico. Conference organizers hope to reschedule the postponed Mexico City event once the COVID-19 public health emergency ends.
March 12, 2020 Read More