Legal Developments
Vermont Files Federal Fraud Suit Against Captive Executive, Advisers
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
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
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
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
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