Regulation

Airmic CEO Julia Graham believes the United Kingdom could offer a “unique proposition” for captives if a “proportionate and fit-for-purpose” regulatory environment is developed with long term commitment from the government.

A delegation of captive specialists met with the UK government’s City Minister Andrew Griffith at the Treasury today to discuss the potential introduction of a captive regime.

The potential introduction of protected cell company (PCC) legislation would be complicated for Singapore, and more likely to be driven by the insurance linked securities (ILS) market, but would lower the barrier for captive entry in the domicile.

The Labuan Financial Services Authority (FSA) is committed to further strengthening and promoting the jurisdiction as a “well-regulated business environment” for captive insurance.

Parametric products are the “perfect fit” for a captive due to their direct access to internal company data, while the policy’s automatic pay-out function also lends well to captive utilisation.

Regulators and lawmakers in cell captive jurisdictions around the world should be monitoring the fallout from the Vesttoo collateral scandal concerning White Rock cells in Bermuda.

The Delaware Department of Insurance (DDOI) has appealed to the Supreme Court to stay proceedings and recall the mandate of the Third Circuit Court of Appeals, which would require the DDOI to provide the Internal Revenue Service (IRS) with specific 831(b) documentation.

The Guernsey Financial Services Commission (GFSC) has received 21 applications during the first six months of the year, of which eight were for captives.