Regulation and Oversight
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.
Swiss Re Capital Markets recently issued its first catastrophe bond under the new insurance-linked security (ILS) regulatory regime in Singapore.
AkinovA (Bermuda) Ltd. has secured the first Insurance Regulatory Sandbox license from the Bermuda Monetary Authority under the jurisdiction's new legislative framework that came into effect in July 2018.
The Economic and Financial Affairs Council in Brussels has removed Aruba, Barbados, and Bermuda from the European Union's list of noncooperative tax jurisdictions.