Legal Developments

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

Vermont Governor Signs Legislation Updating State's Captive Law

June 18, 2020

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. Read More

Vermont Lawmakers Update State's Captive Insurance Statute

June 2, 2020

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. Read More