Market News
Microsoft Settles, Washington Asks Captives To "Pay Their Fair Share"
Microsoft Corporation's Arizona captive insurance company will pay more than $875,000 for unpaid premium taxes and interest and penalties, ending a cease-and- desist order issued in May by State of Washington Insurance Commissioner Mike Kreidler. Read More
Captive Premium a "Nice Target for Tax Revenue," Say Some Regulators
At the Vermont captive conference, David Provost, Vermont's deputy commissioner of captive insurance, encouraged captive insurers who want to see changes in captive insurance company statutes to contact their captive regulators. He also said some state regulators are speaking of captive premium as a nice target for tax revenue. Read More
FERMA Recommends Nonfinancial Reporting as a Regular Business Process
The Federation of European Risk Management Associations (FERMA) has recommended to the European Commission that companies should report nonfinancial matters such as environmental and social performance as a regular business process and that reporting risks connected with nonfinancial elements should be aligned with the organization's objectives. Read More
The NAIC To Establish Cannabis Insurance Working Group
The National Association of Insurance Commissioners (NAIC) will establish a Cannabis Insurance Working Group to address the issue of insurance availability for the legalized cannabis industry. The group will work to better understand where insurance coverage gaps exist and to develop best practices for state insurance regulators. Read More
Labuan IBFC, Leading Asian Captive Domicile
Labuan International Business and Financial Center (Labuan IBFC) approved four captive insurers in the first half of the year, and the domicile reports that it leads the Asian region in captive formations over the last year. Read More