A senate bill introduced in the state of Washington is seeking to formalize and clarify the position of captive insurers covering risks in the state. Senate Bill 5315 puts a number of requirements on captives that are writing Washington-based risks and are owned by Washington-headquartered companies.
Vermont's Department of Financial Regulation has filed a federal suit against a captive insurance executive and financial adviser alleging a multimillion-dollar fraud against policyholders. The suit names the former president of Global Hawk Risk Retention Group and several of Global Hawk's outside professional advisers.
AIG filed a lawsuit May 11, 2020, against Ambassador Captive Solutions, alleging Ambassador coordinated a scheme of counterfeit insurance policies. Ambassador denies the claims of forgery and instead argues a case of contract dispute.
A coalition of 23 captive industry associations has filed an amicus brief before the US Supreme Court in the case of CIC Servs., LLC v. Internal Revenue Service, et al. Earlier this year, the high court agreed to hear CIC's appeal of a lower court ruling favoring the IRS.
The American Property Casualty Insurance Association is planning virtual meetings with members of the US House Financial Services Committee to promote the Business Continuity Protection Program (BCPP), a proposed pandemic business interruption backstop. The BCPP is designed to help businesses meet the financial challenges from future pandemics.
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.
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.