As debates continues as to the future role of captives, in light of the potential impacts of Solvency II and the credit crisis, the key concerns were discussed at a panel debate during the AIRMIC conference earlier this week.
FERMA has urged the owners of the 500–plus European captives to participate in the final consultation on the technical implementation of Solvency II that is currently underway.
The Maltese captive management community is as threatened by Solvency II as any other in Europe. But, they believe that the Island’s PCC legislation in particular will help it tap the opportunities as well as rise to the challenges presented by the new rules. Adrian Ladbury interviewed a number of leading Maltese captive managers in the first of a series of captive centre reports to see how the market is currently faring and finds out how well prepared it is for Europe’s new solvency regime.
Captive owners in the U.K. face a probable effort by the new government to raise insurance premium tax according to an expert who participated in the latest AIRMIC live debate.
White Rock, the company owned by Aon that manages Protected Cell Company (PCC) facilities in Gibraltar, Guernsey, Luxembourg, Malta and Bermuda, has launched its latest operation in the Isle of Man.
The Maltese Financial Service Authority (MFSA) has published a consultation paper for the market on its new legislation to allow the introduction of Incorporated Cell Companies (ICCs).
Matthew Elderfield, Head of Financial Regulation at the Irish Financial Regulator, (FR) has promised captive owners that they will receive proportional treatment under Solvency II, in his domicile at least.
Swiss insurance buyers agree with colleagues around Europe that pricing conditions for their core lines will remain stable for the foreseeable future as competition between insurers remains at a high level.
Only a small portion of national oil companies (NOCs) currently operate a captive insurance company, but, broker Marsh believes that expansion by these huge state-backed companies into new territories and increased partnership arrangements with private companies should spark demand.
[BRUSSELS]—Leading representatives of Europe’s captive community hope to sit down with national finance ministers of the European Union Member States and the European Commission over the coming weeks to try to prevent what they believe will be a potentially disastrous implementation of Solvency II.