Regulation and Oversight
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.
Treasury has issued proposed regulations on the insurance exception to the passive foreign investment company rules. This article focuses on only one of the aspects of the regulations, albeit a very important one for captive insurance companies-the active conduct requirements.
Governor Phil Scott signed legislation on June 10 to enable InsurTech experimentation and innovation in Vermont. Among other things, the insurance and securities bill (S. 131) creates an InsurTech "sandbox," which will allow more research and development in this area with specific guidelines.