Regulation and Oversight
Delaware's state insurance commissioner can now issue conditional certificates of authority to enable new captive insurers to operate while regulators review their applications. Steve Kinion, director of the bureau of captive and financial insurance products, Delaware Insurance Department, spoke about the measure in a recent A.M. Best interview.
American International Group, Inc. (AIG), subsidiary, AIG Europe Limited (AEL), has been approved to transfer its business into two new entities, allowing the organization to complete the restructuring of its European operations and ensure its readiness for Brexit.
The Cayman Islands Monetary Authority (CIMA) has signed a memorandum of understanding (MOU) with the National Association of Insurance Commissioners (NAIC). The MOU is designed to help insurance supervisors in the United States and the Cayman Islands coordinate on regulatory issues with the goal of efficient, fair, safe, and stable insurance markets.
Read about what was said at the recent Vermont Captive Insurance Association Annual Conference surrounding the order from the Washington State Office of the Insurance Commissioner, which told Microsoft's wholly owned Arizona captive insurer to cease and desist transacting insurance business in the state and stop soliciting and writing insurance coverage for Washington insureds.
In 2017, Dom Re IC, an incorporated cell of Solidum Re (Guernsey) ICC (incorporated cell company), issued what were believed to be the first notes to have been digitized on a private blockchain. In another first, Solidum Re ICC recently became a member of the Guernsey-headquartered International Stock Exchange (TISE).