Legal Developments

Lacking Widespread Support, RRG Expansion Legislation Unlikely

July 22, 2019

The introduction of legislation to allow Risk Retention Group (RRG) to expand coverages they can offer to their policyholder-owners has yet to happen, and even when it does, observers believe it has little chance of winning congressional passage. Read More

NAIC Paves the Way for Covered Agreement Implementation

June 27, 2019

The National Association of Insurance Commissioners has approved revisions to the Credit for Reinsurance Model Law and Regulation. The changes pave the way for implementation of covered agreements with the European Union and United Kingdom by making the models consistent with provisions of the covered agreements concerning reinsurance collateral requirements. Read More

US Captive Domiciles Keeping Captive Statutes Up to Date in 2019

June 3, 2019

In 2019, US lawmakers have continued the drive to keep their states' captive statutes up to date. So far this year, at least six states-including Vermont, Utah, Nevada, Tennessee, Montana, and Georgia-have passed measures amending their captive statutes. Read More

Federal Lawmakers Act To Extend the National Flood Insurance Program

May 16, 2019

President Donald Trump signed legislation on June 6 that extends the National Flood Insurance Program (NFIP). That follows the House of Representatives' approval of the legislation, H.R. 2157, which extends the NFIP through September 30, 2019. The Senate earlier approved the measure. Read More

New Montana Captive Law Increases Captive Insurer Flexibility

May 9, 2019

Montana captive insurance companies that want to use a letter of credit to meet the state's capital and surplus requirements will have more flexibility to meet those requirements under legislation signed into law May 1, 2019, by Governor Steve Bullock. Read More