Regulation and Oversight
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.
At a recent House of Representatives subcommittee hearing, lawmakers were urged to compromise on legislation that would allow certain Risk Retention Group (RRG) to expand coverages they can offer to their policyholders.