The formation of CRICO was prompted by the withdrawal of commercial insurance carriers from the Massachusetts insurance market due to deteriorating underwriting results.
The world as we have created it is a process of our thinking, it cannot be changed without changing our thinking.
The captive insurance industry was criticized by the New York Department of Financial Services (NYDFS) earlier last year when Superintendent Benjamin Lawsky issued a report calling for an immediate national moratorium on the use of captive insurance companies...
Lots of attention gets paid to offshore captives, but there is a vibrant market for captives inside the United States as well.
On 1 June, 2011 Canada and the Cayman Islands entered into a Tax Information Exchange Agreement, which, it is anticipated, will help forge far deeper links between the two countries as far as the financial services industry is concerned, and in particular, the captive insurance industry.
The Bermuda Monetary Authority has to find the right balance to allow business to thrive while maintaining international credibility at the cutting edge in growth markets such as insurance linked securities.