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.
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.
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.
Legislation approved late last month by Tennessee lawmakers and signed May 22, 2019, by Governor Bill Lee will allow captive insurance companies to receive premium payments and pay claims on insured losses in a foreign currency.
North Carolina legislators have stripped provisions from a broader bill, H.B. 220, that would temporarily exempt captive insurance companies that redomesticate to North Carolina from state premium taxes.