Regulation and Oversight

Washington Insurance Commissioner Mike Kreidler has fined a Utah-domiciled captive insurance company as part of fines levied in November for violating Washington insurance laws and regulations. Mr. Kreidler fined Geoduck Insurance Group, Inc., for conducting insurance business in Washington between 2014 and 2021 without being registered as a captive insurer. Read More

Uncover a road map for curating tailored insurance solutions through captive insurance and gain exclusive insights into navigating regulatory landscapes in the United Kingdom and Europe. Read More

The Bermuda Monetary Authority (BMA) and White Rock Insurance (SAC) Ltd. (White Rock Bermuda) have agreed to a course of action in the Supreme Court of Bermuda focused on pursuing maximum recovery for the (re)insureds affected by the alleged fraud involving Vesttoo-related segregated cell accounts. Read More

Washington Insurance Commissioner Mike Kreidler fined Utah-domiciled captive insurance company Drico Insurance Company $1,000 for transacting business in Washington without being authorized to do so by Washington’s Office of the Insurance Commissioner. Drico has written property, liability, and auto insurance in Washington since 2018. Read More

While operational resilience is not a new concept to insurers, their increased reliance on digital systems as well as experiences gathered from the COVID-19 pandemic have heightened the focus on that resilience, as well as insurance supervisors' scrutiny of it. Read More