Archives

August 2006

(8/28/06) Hurricane losses spell opportunity for reinsurers
(8/25/06) Aon Hong Kong office set for October opening (Published courtesy of CAPTIVEandART.com)
(8/22/06) Bush Seeks Better Health Care Cost Info
(8/21/06) Congress Considers Two Insurance-Regulation Proposals
(8/18/2006) CICA Responds to Financial Accounting Standards Board (FASB) Invitation to Comment on Bifurcation of Insurance and Reinsurance Contracts for Financial Reporting. View CICA response (pdf).
(8/17/06) World Trade Center captive is ‘stingy’ (Published courtesy of CAPTIVEandART.com)
(8/17/06) Bermuda re/insurers find sidecars attractive vehicles
(8/17/06) Snapshots of sidecars with Bermuda connections
(8/17/06) Retirement Security Project Releases Scorecard on Pension Protection Act of 2006
(8/10/06) Record numbers flock to VCIA (Published courtesy of CAPTIVEandART.com)
(8/10/06) South Carolina set to lure major PCC (Published courtesy of CAPTIVEandART.com)
(8/9/06) Barbados captive licence gets conditional approval (Published courtesy of CAPTIVEandART.com)
(8/7/06) Munder's Management Teams With Crestview Partners To Acquire Comerica's Interest in Munder Capital
(8/3/06) BIG "I" Says Incentive Compensation Should Not Be Outlawed
(8/1/06) St Vincent & Grenadines wait on segregated cell law (Published courtesy of CAPTIVEandART.com)
(8/1/06) UK broker eyes captive formation (Published courtesy of CAPTIVEandART.com)
(8/1/06) St Kitts poised to welcome captives (Published courtesy of CAPTIVEandART.com)

July 2006

(7/27/06) Coalition lobbies for expansion of RRG law
(Published courtesy of CAPTIVEandART.com)
(7/27/06) Alabama eyes condominium captives (published courtesy of CAPTIVEandART.com)
(7/23/06) GEM President & Chief Executive Officer Announces Retirement, Effective January 1, 2008
Government Entities Mutual Inc's President & Chief Executive Officer, John Salisbury, has advised the GEM Board of Directors that he will be retiring as of January 1, 2008, according to Bob Worthington, Chairman of the GEM Board of Directors. A long-time CICA member, Salisbury helped make GEM a reality through his service as Chairman of the National Public Entity Excess Program Captive Committee in 2002. He was selected as GEM's first President and Chief Executive Officer and started his service when the company opened on January 1, 2003. GEM membership has grown to 18 public entity pools from 13 states. The company has a weighted three year average operating ratio of 98%, contributed surplus of $13.7 million, and total assets of $32.2 million. The company is currently recruiting for an Executive Vice President and the successor will have the benefit of working with Salisbury in transition to the President and Chief Executive Officer position in 2008. View Salisbury retirement notice (pdf). View Position Announcement for President & Chief Executive Officer Successor (pdf).
(7/21/06) North American Life Insurance Activity Off 5.4% in June
(7/19/06) Lloyd's: Stakes 'Huge' But Manageable If Major Hurricane Hits N.Y. State
(7/17/06) Bermuda's reinsurers to lobby US over controversial expatriate tax
(7/12/06) Commercial Brokers Urge Action on Surplus Lines Regulatory Reform
(7/12/06) Sen. Sununu Opens Hearings on Federal Regulation of Insurance
(7/11/06) The Council of Insurance Agents & Brokers Embraces Both Short- and Long-Range Regulatory Reforms
(7/11/06) BIG "I" Advocates Targeted Approach To Regulatory Reform
(7/10/06) USA Risk eyes fronting and Barbados solutions (courtesy of CaptiveandArt.com)
(7/10/06) Accounting proposal could hit reinsurers
(7/9/06) Allstate Accused Of Cheating Claimants: Local Claim Could Lead To $800 Million Class Action
(7/5/06) St Kitts joins captive club

June 2006

May 2006

April 2006

March 2006

February 2006

February 2006

December 2005

November 2005

(11/28/05) The British Virgin Islands Association of Insurance Managers (BVIAIM) has announced the appointment of Simon Owen, of the Belmont Group, as their new Chairman. In a brief statement, Mr Owen said “The BVI has established itself as one of the world’s premier domiciles and I am delighted to have the opportunity to assist the industry in maintaining the inexorable growth rates of the last few years”.
(11/28/05) Over 400 set to attend Cayman Captive Forum 2005
(11/25/05) Spitzer: No Criminal Charges Vs. Greenberg
(11/21/05) NAIC RRG Working Group Defines Mission On Basis of GAO Report
(11/21/05) Swiss Re buys GE’s reinsurance operations
(11/20/05) Congress Raises Flood Insurance Program Borrowing to $18.5 Billion to Cover Claims
(11/11/05) Agents Group Sets Flood Insurance Reform Agenda
(11/11/05) House Committee to Offer 2-Year Terrorism Insurance Extension Next Week
(11/09/05) AIG Delays Q3 Filing, Plans Restatements Back to 2002
(11/09/05) NAIC Committee Drops Full SOX; NAMIC Opposes Alternate Proposal for Accounting Control
(11/08/05) The Captive Insurance Council of the District of Columbia (CICA-DC) presents Saving Employers Money on Insurance Costs Through Captive Insurance Programs,
9:00 a.m. - noon on November 30th in Chicago, Illinois.
View details.
(11/08/05) Spitzer probes changed the insurance buying arena
(11/07/05) Third-Quarter Insured Losses Of $40.8 Billion An All-Time Record, Making 2005 Costliest Year For Catastrophes, Says ISO's Property Claim Services Unit
(11/02/05) FAIA Stands Up for Agent, Files Amicus Court Brief on DFS Due-Diligence Decision
(11/01/05) The Big "I" Salutes Chairman Mike Oxley
(11/01/05) Out With The HSAs?

October 2005

(10/25/05) Storms Might Cause Some Insurers To Stop Writing Policies In Fla.; 'Last-Resort' Plan Would Be Only Option
(10/25/05) PartnerRe to pay out Wilma claims
(10/25/05) ACE has Q3 loss of $112m on hurricane claims
(10/25/05) CICA has submitted a response to chair of the NAIC risk retention working group and the chair of the NAIC risk retention task force in response to the GAO Report on risk retention groups. In its reponse, CICA recommended 1) that the NAIC Working Group and Task force each permit full voting participation by interested regulators from states that permit the formation of RRGs as captives so that the experience of these states (where most RRGs have been formed) is utilized in the deliberations and decision making of both groups, and 2) that the NAIC and/or its Working Group and Task Force hold public hearings to explore the substance of "good regulation" in the context of RRGs before determining the components of any proposed changes to state RRG regulation. View pdf file with CICA's response.
(10/24/05) HMO Profits Jump 21% in First Quarter 2005, According to Weiss Ratings; Profit Margin Increases Despite Signs of a Slowdown
(10/23/05) Kramer to set up new reinsurer in Bermuda
(10/20/05) RIMS Benchmark Survey Shows Sharp Downturn in Commercial Insurance Rates, but Impact of Katrina and Rita Still Looms
(10/19/05) Is Federal Regulation Of Insurance Inevitable?
(10/17/05) New job posting for VP of Statutory Accounting - click here to go to careers page.
(10/17/05) Regulators Approve Finite Reinsurance Disclosure Requirements
(10/17/05) A.M. Best Special Report: HMO Impairments Hit All-Time Lows in 2003 and 2004 (10/17/05) Regulators Approve Finite Reinsurance Disclosure Requirements
(10/11/05) Fitch Maintains PXRE's Watch Negative after Capital Raising
(10/10/05) AIG Excess Casualty to Offer Coverage for Risks Insured with Insolvent Carriers
(10/7/05) Aon Announces Dividend
(10/7/05) Katrina Class Action Suit Filed Against Insurance Giant AIG; Claims Insurer Has Neglected Desperate Policyholders after Hurricane
(10/5/05) Are You Ready For Jan. 1 Debut Of Roth 401(k)?
(10/5/05) Symposium on the Future of Terrorism Risk Insurance Kicks Off, Oct. 7
(10/4/05) Strategic Risk Solutions Strengthens Cayman Office by Appointing New Director and Vice Chairman
(10/4/05) Bermuda Government moves to limit EU scope over funds
(10/2/05) AIG Seeks $18 Billion in Stock from Greenberg's Starr International
(10/2/05) New Roth 401(k) Lets People Save More, But It May Not Last

September 2005

(9/29/05) AIG sues Greenberg firm over control of $17B in stock
(9/29/05) National Symposium on the Future of Terrorism Risk Insurance; Leaders Meet to Discuss Future of U.S. Terrorism Risk Insurance
(9/28/05) Wilmington Trust Expands Captive Insurance Management Services
(9/28/05) RenaissanceRe shares slip after Wells Notice is issued
(Sept 27, 2005) CICA Issues Response to IRS Notice 2005-49 on whether certain arrangements constitute insurance for federal income tax purposes. Specifically, the Service asked for comment on four separate issues;
1) The factors to be taken into account in determining whether a cell captive arrangement constitutes insurance and, if so, the mechanics of any applicable federal tax elections,
2) Circumstances under which the qualification of an arrangement between related parties as insurance may be affected by a loan back of amounts paid as "premiums",
3) The relevance of homogeneity in determining whether risks are adequately distributed for an arrangement to qualify as insurance, and
4) Federal income tax issues raised by transactions involving finite risk.
View CICA's Response on this important topic. (29-page pdf document)

(9/26/05) Big 'I' Adopts Insurer Disclosure Policy
(9/26/05) RMS Provides Preliminary Breakdown of Estimated Loss Components for Hurricane Rita; Insured On-Shore and Off-Shore Losses Expected to Range from $4 - $7 Billion
(9/26/05) AzCIA Presents: Controlling Your Costs with an Arizona Captive - October 4
(9/19/05) The United States Government Accountability Office (GAO) has issued its report on regulatory issues impacting risk retention groups. The report has three components: the GAO Abstract (viewable from the GAO web site); the GAO Highlights (1-page pdf document); and the Full GAO Report (120-page pdf).
(9/19/05) Arch, Imagine release Katrina claims estimates
(9/19/05) Key West in Rita's Path; People Board-Up, Evacuate
(9/16/05) NAIC Introduces Online Fraud System
(9/15/05) Insurance Industry Opens Hurricane Insurance Information Center
(9/15/05) Bermuda's Premier Alex Scott: We will protect our captives kingdom
(9/15/05) No start-ups following Hurricane Katrina, predict experts
(9/15/05) RRGs Need Uniform Rules, Better Member Safeguards, Argues Federal Report
(9/14/05) EDSA Announces Sarbanes-Oxley's Impact on Retirement Plans
(9/14/05) M&M Targeted - Spitzer Ready To Hit Execs
(9/12/05) Best Comments Katrina's Impact on the Global Reinsurance Industry
(9/11/05) Fight brews over paying for Katrina
(9/10/05) Katrina's Aftermath; Homeowners, Insurers Meet To Assess Loss; As Residents Return To A New Orleans Suburb, Haggling With Adjusters Is Well Underway.
(9/9/05) Gen Re CEO May Face SEC Fraud Suit
(9/9/05) Higher premiums to benefit insurers after Katrina
(9/9/05) PartnerRe estimates $35b Katrina related losses
(9/8/05) Industry Groups Spar Over Audit Proposal; Using Parts Of Sarbanes-Oxley Act To Toughen Financial Reporting Would Be Costly, Unnecessary, NAMIC Says
(9/5/05) Captives On Edge About Terrorism Cover; Alternative Markets Back Extension Of TRIA But Worry About Rising Deductibles
(9/2/05) Regulators Say Insurance Industry is Prepared for Hurricane Katrina’s Cost
(9/2/05) BIG "I" Establishes Katrina Relief Fund
(9/1/05) Reinsurers gird for blow from Katrina
(9/1/05) OneBeacon hit with subpoena

August 2005

July 2005

June 2005

(6/27/05) The Internal Revenue Service and the Department of the Treasury have issued Notice 2005-49, which seeks comments on the standards for determining whether an arrangement constitutes insurance for federal income tax purposes. Comments are being sought in several captive-related areas, including what factors that should be taken into account in determining cell captive arrangements. View Notice 2005-49 (3-page pdf file). Comments to the IRS are due October 3rd. CICA will be tracking this developing issue.

(6/27/05) High-profile insurance brokerage start-up Integro is about to put Bermuda on the map of its expanding network

(6/27/05) Amendments ‘to enhance Bermuda’s international business product’

(6/24/05) Insurers send petition to US Congress

(6/24/05) S&P Reports on European Insurers

(6/23/05) A.M. Best Affirms Financial Strength Rating of Old Republic Title Insurance Group; Assigns Issuer Credit Ratings

(6/20/05) Industry Waits Anxiously For Report On TRIA Extension

(6/20/05) The epitome of corporate greed - Tyco CEO

(6/20/05) Eqecat expects three to five large US hurricanes this year

(6/17/05) AIG Sets Date for Annual Meeting of Shareholders; Announces Governance Changes

(6/16/05) NAIC Calls for a Balanced Approach to Insurance Regulation; Testimony Before the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises Addresses the SMART Proposal and How to Best Protect America's Insurance Consumers

(6/14/05) Seminars to explain the facts of finite risk

(6/14/05) Nation’s largest insurance association reaffirms support for SMART Act

(6/13/05) NAIC Broker Activities Task Force Upholds Compensation Disclosure Amendment

(6/12/05) Costco to Sell Health Insurance in Calif.

(6/10/05) Second former Gen Re exec pleads guilty in case involving AIG

(6/9/05) Greenspan: Economy on 'firm footing'

(6/8/05) Impending guilty plea a big break in AIG probe

(6/7/05) European Parliament Approves Reinsurance Directive

(6/7/05) Second quarter newsletter from Strategic Risk Solutions, including articles on managing collateral requirements and a domicile update on the District of Columbia.

(6/6/05) AIA Backs U.S. Trade Negotiators for Advancing Export, Trade Initiatives at the WTO

(6/3/05) Life Insurance Consumers Alliance Applauds Carriers' Study on Life Settlements

(6/3/05) What's ahead for the new SEC?

(6/1/05) Benfield: Bermuda's Q1 growth in insurance sector almost stalled

(6/1/05) AIG Wipes Out $3.9 Billion in Earnings

May 2005

April 2005

March 2005

February 2005

January 2005

December 2004