Legal Developments

Washington State Bill Seeks To Clarify Captive Premium Tax Obligations

January 25, 2021

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. Read More

Vermont Files Federal Fraud Suit Against Captive Executive, Advisers

November 4, 2020

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. Read More

AIG Sues Ambassador Captive Solutions over Allegedly Forged Reinsurance Agreement

August 21, 2020

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. Read More

Coalition of Captive Industry Groups Files Amicus Brief in CIC Case

July 27, 2020

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. Read More

Insurers Group To Promote Pandemic Backstop Alternative to Congress

July 17, 2020

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. Read More