Regulation and Oversight
The Tennessee Department of Commerce & Insurance is ushering in new, more modern rules to guide the Volunteer State's burgeoning captive insurance industry. The new rules relate to dormancy, audits, and financial exams.
The United States and European Union recently signed the bilateral US-EU agreement on prudential insurance and reinsurance measures. The agreement conveys benefits to US and EU insurers and reinsurers operating across the Atlantic by offering them enhanced regulatory certainty while maintaining robust consumer protections.
With growing competition from new captive insurance domiciles, the Cayman Islands are evolving into an international insurance and reinsurance jurisdiction. This article summarizes the Insurance Managers Association of Cayman's (IMAC's) view of the transformation that is underway.
The US Treasury Department recently announced that European Union (EU) and US representatives have successfully negotiated a bilateral agreement on insurance and reinsurance regulation intended to "provide enhanced regulatory certainty" for the industry.
Delaware Gov. Jack Markell has presented Insurance Commissioner Karen Weldin Stewart with a proclamation recognizing the Department of Insurance for licensing the state's 1,000th captive insurance company, AWI, Inc., of Voorhees, New Jersey.