Regulation

The new checklist for ‘Completing and Submitting (Re)Insurance Authorisation Applications’together with the‘Updated Guidance on Completing and Submitting (Re)Insurance Authorisation Applications’issued by the Central Bank Ireland (CBI) are both likely to speed up the process for licensing new captives in Ireland.

News that the UK government has launched a captive consultation has been welcomed by CICA president Dan Towle who believes it could signal a “new era” in Europe for the sector.

A three-month consultation on the potential for a captive regulatory regime in the United Kingdom has been launched by the UK’s Chancellor of the Exchequer, Rachel Reeves MP.

France’s insurance regulator, the ACPR, has published an information guide for the local captive market and prospective captive owners as activity in Europe’s fastest growing domicile continues to ramp up.

Although Hawaii has not added the same headline number of new captives in recent years compared to some other US domiciles, its existing portfolio continues to increase in sophistication and premium volume.

Pure captives are still the most popular captive structure in Labuan, but interest in cell formations is increasing as more companies in the region consider alternative risk transfer methods.

Arizona is considering changes to its legislation that would allow captives to register as dormant, in addition to reducing minimum capitalisation requirements for captives that are not single parent.

The Federation of European Risk Management Associations (FERMA) is hopeful there will be more regulatory consistency between EU captive domiciles once Solvency II reform is implemented, but questions remain over implementation.