Regulation and Oversight
Vermont's latest captive insurance legislation recently signed into law includes regulatory enhancements for branch captives as well as the standardization of the state's annual filing date for annual reports and premium taxes.
The European Union has completed its first ever list of noncooperative tax jurisdictions. The so-called blacklist document identifies 17 countries that fail to meet agreed tax good governance standards. In addition, 47 other "gray" listed countries have committed to addressing deficiencies in their tax systems and to meeting the required criteria.
David Burt, Bermuda's premier and minister of finance, recently signed a country-by-country (CbC) Competent Authority Agreement with the United Kingdom. This important tax agreement completes the Organization for Economic Co-operation and Development base erosion and profit shifting tax transparency package between Bermuda and the United Kingdom.
Recent reports from the International Consortium of Investigative Journalists (ICIJ) expose the names of people and companies behind what it alleges are "secret offshore structures" that, in some cases, are used to reduce or avoid taxes. Bermuda has responded to the ICIJ reports to delineate fact from fiction.
Connecticut Insurance Commissioner Katharine L. Wade testified before Congress representing the National Association of Insurance Commissioners (NAIC). Ms. Wade responded to questions about the appropriate role for the federal government in insurance issues. The hearing focused on the federal government's international and domestic engagement.