Incorporated segregated accounts companies launched in Bermuda

Incorporated segregated accounts companies launched in Bermuda

Incorporated segregated accounts companies launched in Bermuda

Bermuda has introduced its latest company structure, the incorporated segregated accounts company, which the domicile said offers greater flexibilities and efficiencies. Bermuda’s Incorporated Segregated Accounts Companies Act 2019 (ISAC Act) – a standalone piece of legislation and a companion statute to the Segregated Accounts Companies Act 2000 – came into effect on 15 January 2020. According to the Bermuda Business…

Ferma and ECIROA flesh out proposals to boost proportionality for captives under SII

Ferma and ECIROA flesh out proposals to boost proportionality for captives under SII

Ferma and ECIROA flesh out proposals to boost proportionality for captives under SII

The European Insurance and Occupational Pensions Authority (EIOPA) must use this year’s Solvency II review to recognise that national supervisors have so far failed to apply the principle of proportionality (PoP) to captives and force the issue by issuing clear guidelines, according to risk management federation Ferma and ECIROA, the captive owners body. Ferma’s approach provides a framework for national…

Insurers join Europe’s risk managers in calling for stronger application of proportionality in SII

Insurers join Europe’s risk managers in calling for stronger application of proportionality in SII

Insurers join Europe’s risk managers in calling for stronger application of proportionality in SII

Insurance Europe, the body that represents the European listed insurance sector, and AMICE, the association of European mutual and cooperative insurers, have joined Ferma in calling for more robust and consistent application of the proportionality principle via the review of Solvency II being carried out by the European Insurance and Occupational Pensions Supervisory Authority (EIOPA). The deadline for consultation on…

Considerations of the risk manager on a D&O programme – Insurance premium tax

Considerations of the risk manager on a D&O programme – Insurance premium tax

Considerations of the risk manager on a D&O programme – Insurance premium tax

For risk managers, the line of insurance that guarantees the most attention and focus of the board is undoubtedly directors and officers (D&O) liability. In the current hardening market, terms and conditions are paramount, but when looking at the various ways in which a global insurance programme can be structured, it is important that the risk manager is fully aware…

Solvency II update weighs on insurers in 2020, says S&P

Solvency II update weighs on insurers in 2020, says S&P

Solvency II update weighs on insurers in 2020, says S&P

Europe’s Solvency II review, scheduled to take place this year, could see insurers’ solvency ratios impacted by between 30 and 70 percentage points on average per country, according to analysis from Standard & Poor’s (S&P). It warned some life insurers could be impacted by more than 100 percentage points. An update of Solvency II regulations is expected by June 2020.…

Captive insurer involved in case of alleged underpayment of taxes in US

Captive insurer involved in case of alleged underpayment of taxes in US

Captive insurer involved in case of alleged underpayment of taxes in US

A tax whistleblower case in the US involving a captive insurance company has resulted in an $8.5m recovery as a result of a settlement. The case involved the alleged underpayment of taxes to New York State and New York City by Moody’s Corporation, along with various affiliates and Marsh & McLennan Companies. New York-based plaintiffs’ law firm Kirby McInerney represented…

Starbucks and Alaska Air captives ordered to stop insuring risk in Washington state

Starbucks and Alaska Air captives ordered to stop insuring risk in Washington state

Starbucks and Alaska Air captives ordered to stop insuring risk in Washington state

Two captives have been ordered to cease writing risks in Washington state by the state insurance commissioner Mike Kreidler. The insurance commissioner ordered unauthorised insurers Olympic Casualty Insurance and ASA Assurance to stop insuring risk in Washington state for their parent companies, Starbucks and Alaska Air Group. According to the Washington state office of the insurance commissioner, both companies are…

EIOPA warns insurers over prolonged low-yield environment

EIOPA warns insurers over prolonged low-yield environment

EIOPA warns insurers over prolonged low-yield environment

The risk of a prolonged low-yield environment has intensified during the last six months, remains the key risk for the insurance sector and continues to put pressure on solvency positions. This is according to the European Insurance and Occupational Pensions Authority (EIOPA), which has published its December 2019 Financial Stability Report on the (re)insurance sector in the European Economic Area.…

Cyber risk and insurance to be focus for March meeting of US and EU supervisors

Cyber risk and insurance to be focus for March meeting of US and EU supervisors

Cyber risk and insurance to be focus for March meeting of US and EU supervisors

The challenges and opportunities for the insurance sector in the US and EU related to cybersecurity risks, the cyber insurance market and the use of big data will be the core topic of discussion at a meeting of US and EU insurance supervisors in March. The meeting is hosted by The Steering Committee of the EU-US Insurance Dialogue Project on…

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