South Carolina passed new legislation making numerous and streamlining changes to its captive insurance law. Included in the changes are: modified capital and surplus requirements, a new definition of a captive’s principal...more
On May 4, 2017 Montana enacted a new law that will remove the requirement that reciprocal captive insurers have 25 or more persons domiciled in Montana. The law also permits captive insurers to go into dormancy. The...more
In a suit by an auto body company against a captive insurance company for rescission of certain workers compensation reinsurance participation agreements, for disgorgement of $70,000 paid thereunder, and for fraud, breach of...more
10/18/2016
/ American Arbitration Association ,
Arbitration ,
Arbitration Agreements ,
Auto Body Shop ,
Breach of Contract ,
Captive Insurance Company ,
Disgorgement ,
Fraud ,
Insurance Industry ,
Mandatory Arbitration Clauses ,
Motion to Compel ,
Participation Agreements ,
Reinsurance ,
Rescission ,
Unfair or Deceptive Trade Practices ,
Workers' Compensation Claim
On May 11, 2016 we reported on a dispute between certain captive insurance administrative service providers (Capstone) against various defendants concerning the rights to certain intellectual property related to a captive...more
On March 17, 2016, the Office of Financial Research, an agency created by the Dodd-Frank Act of 2010 to analyze risk to the financial system, released a brief discussing “recent policy measures” by the NAIC “and the data that...more
Organizational Strategies Inc. (OSI) had entered into an agreement with Capstone Associated Services Ltd. for the latter to form three captive insurance companies for OSI. Included in the contract was an arbitration clause...more
A court denied dismissal of a putative class action involving claims against Suntrust Bank subsidiaries and a captive reinsurer for an alleged illegal kickback scheme arising out of captive reinsurance covering Suntrust’s...more
In October 2013, North Carolina enacted the North Carolina Captive Insurance Act, joining 30 other states with captive-enabling legislation. On July 7, 2014, North Carolina enacted House Bill 267, which amends the Act. The...more