Regulation and Oversight
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.
Captive insurance companies in Vermont will automatically be assured of more time between mandatory financial examinations under legislation given final approval March 28 by state lawmakers.
Arizona-domiciled NW Re Limited, a captive insurance company owned by Costco Wholesale Corp., will pay $3.6 million in premium taxes, penalties, interest, and a fine in a settlement it reached with Washington State Insurance Commissioner Mike Kreidler.