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4th of February 2012

Buyers’ concerns unchanged

Buyers’ biggest concerns haven’t changed in the last year. They still relate to global compliance with local tax laws and with legal, regulatory and insurance regulations, according to a recent survey.

The need to get policies issued in a timely fashion was another top priority.

05/12/2011 more//

Political and economic turmoil shape 2012 risks

Social unrest, political and economic turmoil are predicted as high risk areas for 2012.

Risk consultancy, Control Risks, has predicted that social unrest will intensify and political and economic instability will cause continuing scrutiny of businesses, tight regulation and heavy taxation.

05/12/2011 more//

High risk health insurance pool in demand

A West Virginian high risk health insurance pool has sold 299 subsidised polices in four months.

The US healthcare reforms have led many states to create high risk pools for lower income families.

29/11/2011 more//

Autumn Statement: higher IPT and insurance forum

An Insurers’ Infrastructure Investment Forum is going to be established and IPT is set to rise in Britain.

Today the British Chancellor of the Exchequer, George Osborne, released his long-awaited Autumn Budget Statement today at 12.30pm.

29/11/2011 more//

Kane CEO departs

Kane’s CEO Stephen May has left the company. Captive Review believes that Simon Hinshelwood will be appointed the new CEO, subject to board approval.

No such appointment has been announced so far, however.

29/11/2011 more//

South Carolina program manager awarded

South Carolina’s captive program manager has been awarded by the NAIC.

Jeff Kehler, alternative risk transfer program manager in the South Carolina department of insurance, was awarded associate professional in insurance regulation from the National Association of Insurance Commissioners (NAIC).

28/11/2011 more//

Apprehension about Solvency II equivalence

The state-based regulatory system in the US should be deemed equivalent to Europe’s Solvency II regulatory process, the NAIC have stated.

Therese Vaughn, CEO of the National Association of Insurance Commissioners (NAIC) released a statement this month about the US’ progress towards the European directive.

28/11/2011 more//

Vermont proposes changes to RRGs and sponsored cells

Vermont’s department of insurance is requesting to change three pieces of captive legislation.

The department annually compiles a ‘housekeeping bill’ with a list of minor changes to existing statutes that help clarify any grey areas, and keep captive statute up to date.

28/11/2011 more//

AM Best changes captive rating criteria

A new rating methodology for alternative risk transfer is expected to be finalised within the next two months.

AM Best has made two new major changes for captives, the first being a three tier approach for single-parent captives.

28/11/2011 more//

PCC used for eco-friendly scheme

A clean energy scheme will be funded through a Guernsey PCC for environmentally-friendly projects.

Investors can buy cells of Meteor Infinity PCC, which is regulated by the Guernsey Financial Services Commission (GFSC), but not the Financial Services Authority (FSA).

28/11/2011 more//

New Jersey licenses 2^nd captive

Sequoia Insurance Company was the second captive to be licensed in New Jersey on Monday, November 21.

The industrial captive was formed to write liability coverage by Bayonne Medical Center and Hoboken University Medical Center, both of which are owned by HUMC Holdco.

25/11/2011 more//

Thai floods covered by captives and foreign insurers

Captives and foreign insurers will cover the majority of insurance losses from the Thai floods, which could reach $20bn.

Almost all of the losses will come from manufacturing and supply chains, with only 1% of residential properties having flood insurance.

25/11/2011 more//

Captives exempt from 2% levy

Captives will be exempt from a new levy on Irish risks from 1 January 2012.

The initial rate will be 2% of gross premium received, which is the maximum the Central Bank of Ireland is allowed to charge, and will be due on all premiums paid from the beginning of the year onwards.

24/11/2011 more//

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