Regulation and Oversight

Proposed NRRA Bill Passes Florida Legislature

March 19, 2024

A legislative proposal aimed at protecting risk retention groups has passed both houses of the Florida legislature and awaits Governor Ron DeSantis' signature. Read More

Hong Kong Proposes Insurance Regulations That Include Captive Insurers

January 19, 2024

The Hong Kong Insurance Authority has made available draft rules for the maintenance of assets in Hong Kong pertaining to captive insurers. Read More

Washington Fines Utah-Domiciled Captive for Failing To Register

December 21, 2023

Washington Insurance Commissioner Mike Kreidler has fined a Utah-domiciled captive insurance company as part of fines levied in November for violating Washington insurance laws and regulations. Mr. Kreidler fined Geoduck Insurance Group, Inc., for conducting insurance business in Washington between 2014 and 2021 without being registered as a captive insurer. Read More

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