Regulation and Oversight
WTW Survey: Most Insurers Uncertain on Key Solvency II Requirements
A Willis Towers Watson (WTW) survey has revealed the extent to which significant uncertainty remains in the insurance industry concerning the approach to key Solvency II requirements since the regulation came into force on January 1, 2016. Read More
Microsoft Captive Insurer Ordered To Cease and Desist
The Washington State Office of the Insurance Commissioner has ordered an Arizona captive owned by Microsoft that provides coverage to the Microsoft group of companies to cease and desist transacting insurance business in the state and soliciting and writing insurance coverage for Washington insureds. Read More
Cayman Islands Government Displeased with Anti-Money Laundering Bill
The Cayman Islands government is unhappy with the Sanctions and Anti-Money Laundering Bill amendment that was recently accepted by the House of Commons. The amendment requires the British Overseas Territories, but not the Crown Dependencies, to establish public registers of beneficial ownership information by no later than December 31, 2020. Read More
Vermont Enhances Branch Captives and Standardizes Annual Filing Date
Vermont's latest captive insurance legislation recently signed into law includes regulatory enhancements for branch captives as well as the standardization of the state's annual filing date for annual reports and premium taxes. Read More
Cayman and Bermuda Not Included in EU Tax Blacklist
The European Union has completed its first ever list of noncooperative tax jurisdictions. The so-called blacklist document identifies 17 countries that fail to meet agreed tax good governance standards. In addition, 47 other "gray" listed countries have committed to addressing deficiencies in their tax systems and to meeting the required criteria. Read More