Regulation and Oversight
Department of Labor ExPro Option for Captive Insurers Remains on Hold
A US Department of Labor (DOL) suspension of a regulatory procedure that employers have used for years to get quick DOL review of their applications to fund employee benefit programs through their captive insurance companies remains on hold with no word yet on when the suspension will be lifted. Read More
Vermont Changes Financial Examination Requirements for Captives
Captive insurance companies in Vermont will automatically be assured of more time between mandatory financial examinations under legislation given final approval March 28 by state lawmakers. Read More
Washington State Collects $3.6 Million from Costco's Captive Insurer
Arizona-domiciled NW Re Limited, a captive insurance company owned by Costco Wholesale Corp., will pay $3.6 million in premium taxes, penalties, interest, and a fine in a settlement it reached with Washington State Insurance Commissioner Mike Kreidler. Read More
DC Mayor Establishes Regulatory Sandbox and Innovation Council
Washington, DC, Mayor Muriel Bowser recently established the District of Columbia Financial Services Regulatory Sandbox and Innovation Council, which will include captive insurance industry representation. Read More
Bermuda Captive Insurer Formations Tick Up in 2018
Bermuda licensed 19 new captive insurance companies in 2018, up slightly from 17 in 2017 and 13 in 2016, though the total number of captives in Bermuda continued to fall, domicile officials said Wednesday. Read More