Regulation and Oversight
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.
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.
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.
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.
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.
Having completed its committee assignments for the year, the National Association of Insurance Commissioners (NAIC) has announced its regulatory strategic priorities for 2023. This year's priorities cover such areas as climate and catastrophe risk, artificial intelligence and cyber security, insurer oversight, marketing of insurance products, and protection gaps.
The National Association of Insurance Commissioners (NAIC) has named its 2023 committee chairs and vice chairs. The NAIC also assigned members to its standing committees and named its 2023 task force chairs and vice chairs based on requirements established in the organization's bylaws.