Regulation and Oversight

The Vermont Department of Financial Regulation (DFR) has released a report examining the impact climate change is having on Vermont's insurance industry. The report notes that steps such as requiring publicly traded companies to disclose climate risks could help DFR regulate Vermont-domiciled captive insurance companies. Read More

Legislation now nearing final approval by Vermont lawmakers would ease reporting requirements for new captive insurance companies. Under the measure, S.88, captives, before receiving a license, would have to file a copy of their organizational documents with the state insurance commissioner along with any other documents requested. Read More

Existing frameworks such as enterprise risk management minimize the need for government mandates for better governance of sustainability risks, according to the Federation of European Risk Management Associations (FERMA). EU-wide mandatory requirements for due diligence would add administrative costs and could damage competitiveness for European companies, FERMA said. Read More

While time is running out during the current congressional session for federal lawmakers to act on legislation that would allow certain risk retention groups (RRGs) to expand coverages they can offer to policyholders, observers are optimistic, amid hardening market conditions, that consideration will resume next year. Read More

The Internal Revenue Service (IRS) has announced a new limited-time settlement offer to certain taxpayers that the agency alleges participated in abusive micro-captive insurance transactions. The IRS said that in the coming days it will begin sending settlement offers with stricter terms than its first limited-time settlement initiative that began last year. Read More