The amended legislation proposes a two-year premium tax holiday for captives redomesticated in the state and reduces the retaliatory tax rate applied to RRG
The bill proposes various changes to North Carolina's captive legislation, including a two-year extension of the premium tax holiday for captives that redomesticate in the state.
Vermont House Bill 659 clarifies the law in multiple instances to improve the process and consistency of regulatory practices, address unnecessary redundancies, and better align requirements with the captive marketplace.
The bill provides an update to the state’s cell legislation, enabling a captive insurance company to be converted into an unincorporated cell, with all of its assets, rights, benefits, obligations and liabilities remaining unaffected by the process.
Insurance Europe has urged the European Commission (EC) to adhere to the established political consensus and EU targets during the technical discussions of the Solvency II review.
The commissioner will be authorised to impose additional conditions on captives related to capital and surplus to ensure the solvency and efficient operations of captives.
Fitch anticipates that while the majority of insurers will remain in Bermuda, some on the margin may prefer other regulatory regimes with less strict capital standards.
