Hong Kong looking to be insurance hub for Belt and Road Initiative

Hong Kong looking to be insurance hub for Belt and Road Initiative

Hong Kong looking to be insurance hub for Belt and Road Initiative

Hong Kong is looking to boost its position as an insurance and risk management hub, and is considering tax incentives to encourage captives. In particular, Hong Kong is looking at the opportunities arising from the Belt and Road Initiative. In a speech to the 2018 Asian Actuarial Conference in Hong Kong, Carrie Lam, chief executive, Hong Kong Special Administrative Region…

Call for greater clarity on captives in OECD’s BEPS paper

Call for greater clarity on captives in OECD’s BEPS paper

Call for greater clarity on captives in OECD’s BEPS paper

Insurance Europe has called for greater clarity in the Organisation for Economic Co-operation and Development’s (OECD) paper on its Base Erosion and Profit Shifting (BEPS) initiative, to ensure that the guidance is correctly applied. In particular, Insurance Europe says the paper should differentiate more clearly between captive insurance transactions and other forms of (re)insurance, and between non-insurance multinational groups and…

New Aon unit to help insurers and captives achieve capital efficiency

New Aon unit to help insurers and captives achieve capital efficiency

New Aon unit to help insurers and captives achieve capital efficiency

Aon has launched a capital advisory unit within its reinsurance solutions division, to deliver what it calls “a holistic approach to capital optimisation for re/insurers, Lloyd’s syndicates and captives”. According to Aon, re/insurers are currently facing challenges of low growth, underwriting margins and investment income, while capital requirements remain high due to regulatory and ratings agency obligations. As a consequence,…

Ferma urges OECD to adopt existing captive regulatory definitions in BEPS guidance

Ferma urges OECD to adopt existing captive regulatory definitions in BEPS guidance

Ferma urges OECD to adopt existing captive regulatory definitions in BEPS guidance

Ferma has urged the Organisation for Economic Co-operation and Development (OECD) to take advantage of existing regulations governing captives in planned guidelines on base erosion and profit shifting (BEPS), to ensure the initiative does not create “disproportionate uncertainty and administration” for multinational entities…

New reinsurance captive structure in Vermont in response to BEAT tax

New reinsurance captive structure in Vermont in response to BEAT tax

New reinsurance captive structure in Vermont in response to BEAT tax

Vermont has created a new type of captive insurance company in response to US tax reform, and notably the so-called BEAT tax. According to AM Best, the new captive structure provides an onshore reinsurance alternative for companies facing an added tax burden due to the Base Erosion and Anti-Abuse Tax (BEAT) “and likely will further enhance Vermont’s standing as a…

Bermuda consults over proposed fee revisions for 2019 and 2020

Bermuda consults over proposed fee revisions for 2019 and 2020

Bermuda consults over proposed fee revisions for 2019 and 2020

The Bermuda Monetary Authority (BMA) has issued a consultation paper that sets out the proposed fee revisions across all the supervised sectors in a phased implementation in 2019 and 2020. The BMA says the proposed new fee structure “has been developed to maintain a balance between its need for additional financial resources to support a sustainable business model and the…

Illinois governor vetoes insurance bill with captive provisions

Illinois governor vetoes insurance bill with captive provisions

Illinois governor vetoes insurance bill with captive provisions

The governor of Illinois, Bruce Rauner, has vetoed a bill to overhaul the Illinois Insurance Code, including provisions to make the captive sector in Illinois more competitive. However, the governor stressed that the veto was not in relation to the captive provisions, but concerned health coverage and workers’ compensation insurance. The bill overhauls the Illinois Insurance Code on a number…

New cannabis industry insurance offering as US captive interest grows

New cannabis industry insurance offering as US captive interest grows

New cannabis industry insurance offering as US captive interest grows

North American insurance broker HUB International Limited has launched a cannabis insurance and risk services offering under its agribusiness and farm specialty practice. It is designed to provide medical and recreational cannabis producers, distributors and retailers in the US and Canada with proper protection and specialised solutions to reduce risks in all aspects of their operations. The move comes at…

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