Regulation and Oversight
Washington, DC, Mayor Muriel Bowser recently established the District of Columbia Financial Services Regulatory Sandbox and Innovation Council, which will include captive insurance industry representation.
Bermuda licensed 19 new captive insurance companies in 2018, up slightly from 17 in 2017 and 13 in 2016, though the total number of captives in Bermuda continued to fall, domicile officials said Wednesday.
In Delaware in 2018, 46 captive insurers were formed. The state is the fifth largest captive domicile in the world and the third largest in the United States. Its captive insurers generate more than $12.5 billion of annual captive insurance premium.
Captive insurance companies licensed in Michigan will face new deadlines to file annual financial reports with the state Department of Insurance and Financial Services under legislation signed into law on December 20, 2018, by Governor Rick Snyder.
The Guernsey Financial Services Commission, a Guernsey regulator, has clarified the collateral rules surrounding the authorization process for insurance-linked securities (ILS) cells.