Regulation

Sandy Bigglestone, deputy commissioner of Vermont’s Captive Insurance Division, will become acting commissioner for the State’s Department of Financial Regulation (DFR) from 1 January.

Richard brings the latest on the UK captive consultation hosting a discussion between Chris Lay, CEO of Marsh McLennan UK, Airmic CEO Julia Graham and Caroline Wagstaff, CEO of the London Market Group.

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.