Regulation and Oversight
The Vermont Department of Financial Regulation (DFR) has eased its requirement for in-state captive insurance company board meetings in 2020 due to the COVID-19 outbreak. The DFR said it will allow captive boards unable to hold required annual meetings in Vermont in 2020 to seek a waiver from the department.
Responding to the business disruptions resulting from COVID-19, the Bermuda Monetary Authority (BMA) is giving captive insurers licensed in the domicile more time to file annual reports. The BMA said it will waive the fee that had applied for captive insurance companies that sought a 1-month delay in filing requirements.
Joining just a handful of other US domiciles, Tennessee last week licensed its 200th captive.
The European Commission's 2020 review of Solvency II is likely to be the dominant regulatory theme in European insurance over the next few years, according to Fitch Ratings.
Delaware licensed 56 captives in 2019, with most of the new captives licensed under a fast-track procedure.