Third-party cell captive regulatory policy proposals issued in South Africa

Third-party cell captive regulatory policy proposals issued in South Africa

Third-party cell captive regulatory policy proposals issued in South Africa

South African authorities have released the regulatory policy proposals relating to third-party cell captive insurance, focusing on governance and risk management. The proposals were issued in a joint communication from the Financial Sector Conduct Authority and the Prudential Authority, and apply to insurance business or microinsurance business conducted by cell captive insurers (as defined in the Insurance Act 2017) and…

Guernsey upbeat over PCCs and insurance linked securities market

Guernsey upbeat over PCCs and insurance linked securities market

Guernsey upbeat over PCCs and insurance linked securities market

The number of new cells in 2018 of protected cell companies (PCCs) is well ahead of 2017 figures to date, according to Guernsey Finance. It said Guernsey has seen “a positive start to the year in the insurance linked securities market”, noting that PCCs are the main method of writing new insurance-linked securities (ILS) business. Guernsey Finance said that industry…

North Carolina sees $30m economic benefit from captives and enacts new law

North Carolina sees $30m economic benefit from captives and enacts new law

North Carolina sees $30m economic benefit from captives and enacts new law

North Carolina’s captive insurance programme had an estimated $30m impact on the state in 2017, according to the North Carolina Department of Insurance. It said the captive programme has grown considerably since its inception in 2013. In 2016, the economic impact of the programme was $23m, while in 2015 it was $15.3m, and just $2.5m in 2014. “That is nearly…

Multinational insurance: what can go wrong when something’s not right

Multinational insurance: what can go wrong when something’s not right

Multinational insurance: what can go wrong when something’s not right

The fast-paced expansion of regulatory change and corresponding scrutiny worldwide make it increasingly challenging to manage multinational insurance programmes. While regulatory landscapes continuously shift, the need for companies to carefully consider how they structure multinational insurance remains constant. There are many options – ensconcing coverage in multiple local policies, relying on a single global policy, or combining both in a…

US tax court rules against captive’s stop-loss insurance transactions, citing Avrahami

US tax court rules against captive’s stop-loss insurance transactions, citing Avrahami

US tax court rules against captive’s stop-loss insurance transactions, citing Avrahami

The US tax court has ruled that a risk pool operating as a stop-loss insurer was not operated as a bona fide insurance company and the transactions between it and its captive insureds were not insurance transactions, citing the Avrahami ruling. However, the decision has been described by Capstone Associated Services, a captive services firm based in Houston, and the…

US tax reform impact ‘mixed bag’ for captives, says Best

US tax reform impact ‘mixed bag’ for captives, says Best

US tax reform impact ‘mixed bag’ for captives, says Best

The impact of tax reform in the US is a mixed bag for captive insurance companies, although only in some cases, according to AM Best. On the one hand, it is a positive for offshore captives that have made the Section 953(d) election under the US Internal Revenue Code, which allows them to be taxed as a US corporation. However,…

Regulation and talent acquisition are challenges for captive organisations

Regulation and talent acquisition are challenges for captive organisations

Regulation and talent acquisition are challenges for captive organisations

Captive organisations are under pressure to keep up with current risks and increasing regulation, according to captive managers speaking to AM BestTV at the Bermuda Captive Conference. Attendees said that finding professionals able to work in different environments and manage the mounting layers of regulation was also a challenge. “I think there are a number of factors that combine to…

BVI prepares legal challenge to public register of beneficial ownership imposition

BVI prepares legal challenge to public register of beneficial ownership imposition

BVI prepares legal challenge to public register of beneficial ownership imposition

The British Virgin Islands (BVI) is preparing a legal challenge to an amendment to the Sanctions and Anti-Money Laundering Bill, recently passed by the House of Commons, which will force British Overseas Territories – including the Cayman Islands, the British Virgin Islands, Gibraltar and Bermuda – to publicly reveal the owners of companies based in the territories. International law firm…

Captives increasingly writing cyber liability, employee benefits and terrorism, says Marsh Report

Captives increasingly writing cyber liability, employee benefits and terrorism, says Marsh Report

Captives increasingly writing cyber liability, employee benefits and terrorism, says Marsh Report

Captive insurance vehicles are rapidly growing in popularity as risk managers seek alternative ways to finance emerging risks their organisations now face, according to Marsh. The broker’s 2018 Captive Landscape Report: 50 Years of Risk Financing Innovation, highlights considerable growth in the last five years in captives writing cyber liability, employee benefits and terrorism coverage. It also points out that…

RFIB’s holding company to rebrand and set up captive manager

RFIB’s holding company to rebrand and set up captive manager

RFIB’s holding company to rebrand and set up captive manager

CCP TopCo, the holding company of Lloyd’s broker RFIB, is renaming the business as the Risk Transfer Group (RTG) and is planning to establish a UK captive management business. RTG is launching a new strategy to double its revenue from the current £50m to £100m by 2021. The company said the revenue growth will be achieved through RFIB Group becoming…

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