Regulation and Oversight
The Bermuda Monetary Authority will be placed on the National Association of Insurance Commissioners (NAIC) List of Reciprocal Jurisdictions effective January 1, 2020.
Starbucks disputes premium taxes and fines levied by Washington State for its Vermont-domiciled captive insurance company.
A recent report, titled "Driving Captive Transformation in Asia," reveals that 50 percent of all new captive incorporations in Asia are from Labuan International Business and Financial Center (Labuan IBFC).
For decades, captive insurance companies have fought legal battles over tax issues with federal regulators and, more recently, state regulators, and there is no sign those battles are easing.
Another major organization, the University of Vermont (UVM) Health Network in Burlington, has redomiciled its medical malpractice captive insurer, VMC Indemnity Company, Ltd., from Bermuda to Vermont. The relocation of the captive, which was first licensed in Bermuda in 1993, was applauded by Vermont Governor Phil Scott.