Legal Developments
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
Vermont Lawmakers Update State's Captive Insurance Statute
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
COVID-19 Pandemic Slows Pace of Captive Insurance Law Updates
While the COVID-19 pandemic has slowed state legislatures' updates of their captive insurance statutes this spring, some states have moved forward in 2020 and passed captive legislation. In other captive domiciles, state lawmakers did not complete action on captive legislation before adjourning. Read More
Legislation To Create TRIA-Like Federal Pandemic Backstop Introduced
A bill that would create a federal pandemic risk backstop has been introduced in Congress. Rep. Carolyn B. Maloney (D-NY), senior member of the House Financial Services Committee, introduced H.R. 7011, the Pandemic Risk Insurance Act of 2020, on Wednesday. Read More
Future Uncertain for Bill To Allow Risk Retention Group Expansion
Four months after a congressional hearing was held on legislation introduced last year that would allow certain risk retention groups (RRGs) to expand coverages offered to their policyholders, the future of the bill remains uncertain. Under that measure, H.R. 4523, RRGs would be allowed to offer property coverages. Read More