Regulation and Oversight
There are currently 43 captive insurance companies licensed in Texas, and the domicile expects to have at least 44 captives in the state by the end of 2019. Texas regulators say the department successfully manages the volume of captive formation inquiries and maintains an open door policy.
A date has been set for the next hearing on the challenge by Alaska Air Group, Inc., of the Washington State Insurance Department's attempt to impose hefty financial fines on the airline for not paying premium taxes on coverage its captive insurer provides to Alaska Air subsidiaries operating in Washington.
Alaska Air Group Inc. is opposing Washington State Insurance Department's move to impose significant financial fines for not paying premium taxes on coverage its captive insurer provides to Alaska Air subsidiaries operating in Washington.
Guy Carpenter & Company, LLC, was recently appointed as the sole reinsurance intermediary for the newly formed California Wildfire Fund, currently administered by the California Earthquake Authority.
US Department of Labor (DOL) suspension of a regulatory procedure employers have used for years to get expedited DOL review of their applications to fund employee benefits through their captive insurance companies is continuing, while regulators are circulating new captive benefit funding requirements.