Is Captive Insurance Right for Your Business? A Deep Dive with AkinovA
PODCAST: Benefits Companion - Captive Insurance Arrangements
Captive Insurance Arrangements
Bermuda is the world’s leading domicile for captive insurance companies, with over 600 active captive licences on its register generating over US$24 billion in gross written premium. Having formed the first modern captive in...more
North Carolina lawmakers recently passed a new bill to make the state more appealing to captive insurance companies and risk-retention groups. Senate Bill 319, which passed with unanimous support and was supported by the...more
On July 16, 2024, the Connecticut Department of Insurance (the “Department”) issued a press release announcing that Governor Ned Lamont has signed Public Act No. 24-138, “An Act Concerning Insurance Market Conduct and...more
Luxembourg is currently the largest captive reinsurance market in the European Union. Most reinsurance companies domiciled in Luxembourg are captive-type – i.e., subsidiaries within a group that are insuring or – probably...more
On March 27, 2024 the Vermont Captive Insurance Association (VCIA) held its biannual “Roadshow” educational event designed for prospective captive insurance companies. The Roadshow, which has been hosted in over 20 cities,...more
Captive insurance companies are likely exempt from filing a Beneficial Ownership Information (BOI) Report under the insurance company exemption to the Corporate Transparency Act (CTA). Likewise, companies that are owned by...more
A group captive or other captive structure has several benefits for many companies. In this Q&A, Kerr Russell attorney Eric Lark discusses what factors to consider when deciding whether Captive Insurance is right for your...more
On June 23, 2023, the Connecticut Insurance Department (the “Department”) issued a press release announcing Governor Ted Lamont signed Public Act No. 23-15, An Act Concerning Captive Insurance Companies, (the “Act”) into law....more
Developments in Vermont 2023 - Captive Legislation - On May 8, 2023, Governor Phil Scott signed Vermont’s annual captive “housekeeping” bill into law. The 2023 legislation includes the following notable provisions...more
Iowa is on the brink of becoming the next state to embrace captive insurance companies. On April 24, the Iowa Senate unanimously passed Senate File 549 (SF 549), as amended, “a bill for an act relating to captive insurance...more
In Rising insurance premium rates, limited capacity with commercial insurance carriers and a looming global recession made 2022 extremely challenging for aviation insurance buyers. In this environment, the aviation industry...more
December 12, 2022 Update: Woodruff Sawyer’s client Meta (which owns properties like Facebook and Instagram), is the first Delaware-incorporated company to put Side A in a captive. To ensure complete coverage for its Ds and...more
In today’s episode, we look at the emerging interest in captive insurance. We explain what captive insurance is and the benefits that accompany it, the kind of coverage it provides, and more. Steven Burkhart, Of Counsel in...more
The Tenth Circuit Court of Appeals recently affirmed the tax court’s decision that a captive insurance arrangement that reinsured a number of other captive insurers did not qualify for a tax exemption....more
Developments In Vermont - Changes at the Top After more than five years of continuity, Vermont’s leadership team has seen significant turnover during 2022. In April, Michael Pieciak, the Commissioner of the Department...more
Effective July 1, 2022, House Bill 5506 (the “Bill”) amends various provisions of Connecticut’s captive insurance laws. Notably, the Bill lowers the capital and surplus requirements for various types of captive insurers. In...more
On February 3, 2022, Delaware Governor John Carney signed Senate Bill 203 (the “Bill”) into law, which allows corporations to purchase and maintain directors’ and officers’ (“D&O”) liability insurance through captive...more
On February 7, 2022, Delaware’s governor signed a bill amending the Delaware General Corporation Law (DGCL) to expressly authorize Delaware corporations to purchase and maintain directors’ and officers’ (D&O) liability...more
Delaware Governor John Carney recently signed into law a bill to amend Section 145 of the Delaware General Corporation Law (“DGCL”) to allow Delaware corporations to use captive insurance for their directors and officers...more
On February 7, 2022, Delaware Governor John Carney signed into law a bill that amends the Delaware General Corporation Law (DGCL) to expressly allow the use of captive insurance companies to fund a Delaware corporation’s...more
On January 27, 2022, the Delaware state legislature passed legislation amending the Delaware General Corporation Law (DGCL) to expressly allow the use of captive insurance companies to fund a Delaware corporation’s directors...more
DELAWARE LEGISLATURE UPDATE - Big News: On January 27th, the Delaware Legislature passed legislation making captive insurance a real alternative to traditional D&O insurance. Overtime, this should reduce the costs of D&O...more
Risk management is an important part of governance planning for every business. Often, risk management means transferring risk to a third-party through the purchase of insurance. Recently, the Alberta Legislature created a...more
Amendments to CPLR § 3101(f) now require the disclosure of voluminous information including insurance applications and information about other claims. Defendants in New York state court must produce extensive...more
The North Carolina Captive Insurance Association held its annual meeting in Durham from August 30 through September 1. Attendance, which consisted of approximately 200 people, was comprised of captive owners, service...more