The Tennessee Department of Commerce and Insurance recently issued a bulletin providing guidance to the Tennessee captive insurance industry on credit for reinsurance obtained by Tennessee captives from unauthorized reinsurers.
Read MoreThis month, the NAIC set forth a variety of proposals relating to changes risk-based capital (“RBC”) requirements, as well as treatment of investment affiliates. In particular, the NAIC seeks to require life insurers to actively disclosure how the use of captives to manage their A-XXX risks would impact the insurer’s RBC.
Read MoreAs discussed in our earlier article on the topic (a copy of which can be accessed here) and our prior entry on this site (which can be accessed here), uncertainty remains over whether the self-procurement tax and regulatory provisions of the Non-admitted and Reinsurance Reform Act, enacted as a part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, apply to non-admitted insurance procured from a captive insurance company.
Read MoreThe NAIC Financial Regulation Standards and Accreditation Committee recently approved revisions that will impact some captives reinsuring XXX/AXXX reserves, variable annuities and long-term care products.
Read MoreThe Internal Revenue Service late last week issued proposed regulations addressing what constitutes the “active conduct of an insurance business” for purposes of the passive foreign investment company (“PFIC”) rules.
Read MoreOn April 9, 2015, the Georgia legislature sent a bill to the governor for his signature that would improve the regulatory environment for captive formation in the state.
Read MoreIn 2013, Texas enacted legislation authorizing captive insurance companies to be domiciled in Texas for the first time, with the first Texas captive becoming licensed on March 17, 2014.
Read MoreThe global stock of insurance linked securities at the end of 2014 was approaching $25.2 billion. Yesterday George Osborne unleashed the giant peach for the United Kingdom in a seemingly measured statement but one full of promises.
Read MoreSouth Dakota recently enacted legislation that will allow insurance agents and service contract producers (e.g. motor vehicle dealer) to form captive insurance companies to insure or reinsure the risks placed by or through such agency or service contract producer.
Read MoreEdwards Wildman is a sponsor of The 2014 Symposium on Captive Insurance in Connecticut on September 17, 2014 in Stamford, CT
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