Health Care Industry Liability Reciprocal Insurance Company, RRG (HEALTHCAP, RRG), has been issued an A, Exceptional, rating by Demotech. Organized in the District of Columbia in 2003 as an assessable reciprocal insurance company, HEALTHCAP provides professional and general liability to long-term care facilities.
Cayman Captive Forum 2014 starts Wednesday, December 3—a week away. Michio Kaku, physicist, futurist, and cofounder of the String Field Theory, will deliver the Forum keynote speech, and the event will also feature a teleconference, so attendees not able to travel to the Cayman Islands can participate, and Pre-Forum Tutorials, which will expand the educational experience of the event.
Demotech, Inc., has assigned an A, Exceptional, rating to Sigma Risk Retention Group, Inc. Domiciled in the District of Columbia, Sigma RRG was formed and started operations in late 2008. A D.C. Department of Insurance, Securities and Banking examination issued in early 2014 indicates the RRG was formed by affiliated members of Grane Healthcare.
At the National Association of Insurance Commissioners (NAIC) Fall National Meeting, the Financial Regulation Standards and Accreditation (F) Committee voted to expose the referral quoted later in this article from the Financial Analysis Handbook (E) Working Group for a 20-day public comment period. Comments are due by the close of business on Monday, December 8.
In May 2013 at its Investors Day meeting, MetLife, Inc., announced it would take action to “better position the company to comply with Dodd-Frank collateral requirements [and] proactively address regulatory issues surrounding the use of captive reinsurance companies.…” Earlier this week, a MetLife press release stated the company has moved forward in this direction.
Connecticut Governor Dannel Malloy announced Insurance Commissioner Thomas Leonardi is resigning to take a senior adviser position at a global investment banking firm, Evercore.
A new A.M. Best publication, "The World of Captive Ratings," is a great resource for captive boards and managers considering the issue of whether to seek a rating for their captive.
Thomas B. Leonardi, Connecticut insurance commissioner, joins many other U.S. regulators who disagree with the International Association of Insurance Supervisors (IAIS) action to eliminate its member observer status.
Demotech has affirmed the financial stability rating of A (Excellent) for the National Assisted Living Risk Retention Group, Inc. (NALRRG).