The Delaware Captive Insurance Association (DCIA) has joined the Clarity for Captive Insurers Coalition (CCIC).
The new coalition of the captive insurance industry was formed under the leadership of the Vermont Captive Insurance Association (VCIA) to push for legislative language that would clarify that the intent of the new federal Nonadmitted and Reinsurance Reform Act (NRRA) was never intended to apply to captive insurance.
Vermont Governor Peter Shumlin said that the confusion could be damaging to the captive insurance industry. “The captive insurance industry expects and desires strong regulation. Companies need to have the choice of where they domicile based on regulatory strength, not based on tax ambiguity. Vermont has consistently proven itself as the ‘gold standard of domiciles.’ This fix is needed to ensure that companies continue to have a choice of where they domicile."
Coalition efforts include educational efforts, public relations, and focused advocacy efforts at the federal level designed to result in a clarifying amendment to the NRRA.
