Legal Developments
Insurers Group To Promote Pandemic Backstop Alternative to Congress
The American Property Casualty Insurance Association is planning virtual meetings with members of the US House Financial Services Committee to promote the Business Continuity Protection Program (BCPP), a proposed pandemic business interruption backstop. The BCPP is designed to help businesses meet the financial challenges from future pandemics. Read More
Vermont Governor Signs Legislation Updating State's Captive Law
Vermont Governor Phil Scott has signed legislation updating Vermont's captive insurance law. Changes made by the measure were intended to increase efficiency while adding flexibility to the state's regulatory policies and procedures. Vermont regularly updates its captive insurance statutes. Read More
Vermont Lawmakers Update State's Captive Insurance Statute
Continuing its history of regularly updating the state's captive insurance company statute, Vermont lawmakers last week gave final approval to legislation that makes several changes to the state's captive law. Governor Phil Scott is expected to sign the measure, S. 255. Read More
COVID-19 Pandemic Slows Pace of Captive Insurance Law Updates
While the COVID-19 pandemic has slowed state legislatures' updates of their captive insurance statutes this spring, some states have moved forward in 2020 and passed captive legislation. In other captive domiciles, state lawmakers did not complete action on captive legislation before adjourning. Read More
Legislation To Create TRIA-Like Federal Pandemic Backstop Introduced
A bill that would create a federal pandemic risk backstop has been introduced in Congress. Rep. Carolyn B. Maloney (D-NY), senior member of the House Financial Services Committee, introduced H.R. 7011, the Pandemic Risk Insurance Act of 2020, on Wednesday. Read More