Regulation and Oversight
AkinovA (Bermuda) Ltd. has secured the first Insurance Regulatory Sandbox license from the Bermuda Monetary Authority under the jurisdiction's new legislative framework that came into effect in July 2018.
The Economic and Financial Affairs Council in Brussels has removed Aruba, Barbados, and Bermuda from the European Union's list of noncooperative tax jurisdictions.
The Bermuda Monetary Authority's (BMA) latest consultation paper outlines the BMA's proposed regulatory regimes for new classes of Limited Purpose Insurers (LPIs) and a new category of an intermediary (insurance market places).
A new Utah law that takes effect May 24 will allow captive insurance companies licensed in the state to move into dormant status, freeing up both time and money for the captives and their parents.
A US Department of Labor (DOL) suspension of a regulatory procedure that employers have used for years to get quick DOL review of their applications to fund employee benefit programs through their captive insurance companies remains on hold with no word yet on when the suspension will be lifted.