Legal Developments
House Financial Services Committee Passes SAFE Banking Act
The House Financial Services Committee recently voted 45 to 15 to pass H.R. 1595, the Secure and Fair Enforcement (SAFE) Banking Act of 2019. The bill allows marijuana-related businesses in states with existing regulatory structures to access the banking system. Read More
Gallagher Seeks To Compel Arbitration with 831(b) Captive Owners
In an effort to compel arbitration, Arthur J. Gallagher & Co. and other defendants recently made joint motions in response to a lawsuit seeking class status filed in December 2018 by a group of 831(b) captive owner plaintiffs. Eversheds Sutherland provides a brief description of the matter as it stands currently. Read More
New Legislation Aims To Increase North Carolina Captive Insurers
Captive insurance companies that redomesticate to North Carolina would be exempt from state premium taxes under recently introduced legislation. Read More
New Effort To Be Launched To Expand RRG Coverages
A new drive is expected to try to convince federal lawmakers to pass legislation to expand coverages that Risk Retention Group (RRG) can offer to their policyholder-owners. Since 2006, lawmakers have discussed, during every congressional session, expanding the Risk Retention Act to allow RRGs to write property coverages. Read More
Fitch: ACA Ruling Effect on Insurance Uncertain
According to Fitch Ratings, the ultimate effect on the health insurance industry of December's federal court ruling that deemed the Affordable Care Act (ACA) unconstitutional is unclear, and what is expected to be a lengthy appeals process will follow. Read More