Regulation and Oversight

Captive Regulation Largely Business as Usual during Pandemic

June 8, 2020

Experiences shared by a panel of captive insurance regulators suggest that while some things might have been done differently, captive regulation largely continued in a business-as-usual fashion during the COVID-19 pandemic. The regulators spoke in a webinar sponsored by the International Center for Captive Insurance Education. Read More

Guernsey Reopening after More Than 2 Months in COVID-19 Lockdown

June 2, 2020

Guernsey's financial services sector is emerging from its COVID-19 lockdown. The island, a leading domicile for captive insurance, alternative investment funds, and private wealth, went into lockdown on March 24 to help control the spread of the disease. There are currently no known active COVID-19 cases in the island. Read More

Treasury Voices Concern over Legislation Forcing Pandemic BI Coverage

May 14, 2020

In a letter, the US Treasury Department has indicated its concern over legislation forcing insurers to pay COVID-19 pandemic-related business interruption (BI) claims when policies exclude the risk. The letter says insurers should pay valid claims, but forcing insurers to pay excluded claims conflicts with contractual obligations. Read More

VCIA Letter Addresses IRS Treatment of Micro-Captives

May 1, 2020

The Vermont Captive Insurance Association (VCIA) has spoken out about the US Internal Revenue Service's (IRS) treatment of micro-captives. In a letter to US Treasury Secretary Steven T. Mnuchin and IRS Commissioner Charles Rettig, VCIA President Richard Smith says a March 20, 2020, IRS letter raises concerns about IRS tactics. Read More

Connecticut Partners with Accounting Firms To Expand Captive Market

April 24, 2020

The Connecticut Insurance Department is partnering with accounting firms to expand the state's captive insurance market. The department said that as trusted advisers to most midsized businesses, accounting firms "are best positioned to assist in the education and communication of the benefits of captive insurance companies to these businesses." Read More