Regulation and Oversight

Bermuda Regulators, White Rock Bermuda Agree on Vesttoo Actions

August 22, 2023

The Bermuda Monetary Authority (BMA) and White Rock Insurance (SAC) Ltd. (White Rock Bermuda) have agreed to a course of action in the Supreme Court of Bermuda focused on pursuing maximum recovery for the (re)insureds affected by the alleged fraud involving Vesttoo-related segregated cell accounts. Read More

Washington Fines Utah-Domiciled Captive as Unauthorized Insurer

July 7, 2023

Washington Insurance Commissioner Mike Kreidler fined Utah-domiciled captive insurance company Drico Insurance Company $1,000 for transacting business in Washington without being authorized to do so by Washington’s Office of the Insurance Commissioner. Drico has written property, liability, and auto insurance in Washington since 2018. Read More

IAIS Paper Cites Importance of Insurers' Operational Resilience

May 24, 2023

While operational resilience is not a new concept to insurers, their increased reliance on digital systems as well as experiences gathered from the COVID-19 pandemic have heightened the focus on that resilience, as well as insurance supervisors' scrutiny of it. Read More

Airbnb Fined in Washington for Acting as an Unauthorized Insurer

May 19, 2023

Washington Insurance Commissioner Mike Kreidler has fined Airbnb $20,000 for acting as an unauthorized insurer in Washington State. Mr. Kreidler also ordered the company to obtain a surplus lines insurance policy to continue offering its Host Damage Protection program in Washington. Read More

Navigating a Year of Captive Insurance Regulatory Transition

February 22, 2023

Effective regulation is at the heart of a successful captive insurance industry. It's not surprising, then, that a flurry of recent of moves at the highest level of a number of states' captive regulatory operations caught the captive industry's attention. Read More