Legal Developments
Amend the Proposed Nonprofit Property Protection Act
The National Risk Retention Association (NRRA) announced January 11, 2016, it is opposing the Nonprofit Property Protection Act (HR 3794) as written. Captive.com explains and presents another viewpoint for consideration. Read More
Captive Insurers May Be Impacted by Proposed NAIC Credit for Reinsurance Model Law
The National Association of Insurance Commissioners (NAIC) Reinsurance (E) Task Force has proposed revisions to the Credit for Reinsurance Model Law (#785)-Option 3 that would give state insurance regulators unlimited authority, beyond the current requirements, for a ceding insurer to get credit for reinsurance ceded. Read More
Risk Retention Groups Face Rigorous Governance Standards under NAIC Model Act
The National Association of Insurance Commissioners (NAIC) Model Risk Retention Act contains numerous Governance Standards that will create a significant workload for some risk retention groups (RRGs) in the months ahead. Read More
Legislation Increasing 831(b) Premium Limitation Introduced
Legislation has been introduced in both the US House of Representatives and the US Senate to increase the premium limitation on small insurers for federal tax considerations. Representative Erik Paulsen, Minnesota (R), and Representative Ron Kind, Wisconsin (D), are cosponsoring H.R. 1788, and Senator Orrin Hatch, Utah (R), is sponsoring S.B. 905. Read More
District of Columbia Revises Captive Insurance Company Act
The District of Columbia's Captive Insurance Company Amendment Act of 2014 became effective March 10, 2015, following the end of the 30-day congressional review period. Read More