Regulation

Michigan has amended the reporting requirements for captive insurance companies operating in the state

The Illinois legislature has voted to override governor Bruce Rauner’s amendatory veto of SB 1737, which proposes a reform of the state’s captive insurance regulatory framework and a substantial drop in self-procurement tax

The Bermuda regulatory authority has set the standard for captive regulation worldwide, according to Tom McMahon, director of Citadel Reinsurance

The OECD intends to publish a second ‘consensus’ discussion draft on the transfer pricing aspects of financial transactions, with the aim of reaching an agreement on the final guidance in 2019

The reform of Illinois’ captive regulatory framework is back on track following the state Senate’s unanimous vote to override governor Bruce Rauner’s amendatory veto of SB 1737

Barbados has repealed the Exempted Insurance Act and all insurance entities in the domicile will now fall under an amended Insurance Act, with captives continuing to be zero taxed

A UK-US Covered Agreement could be in place as early as December this year, ready for when the UK departs the EU in March next year, according to the National Association of Insurance Commissioners