From the 2020 January Risk Retention Reporter
New York Court Does Not Support South Carolina Liquidation Order
A recent decision by the New York State’s Appellate Division, Second Department, has affirmed that a liquidation order enjoining a South Carolina risk retention group and its policyholders from further prosecution of any actions or proceedings is not entitled to full faith and credit in ongoing medical malpractice cases in New York. The decision could have lasting repercussions for how New York treats decisions made by domicile states regarding RRGs...
CICA Conference Looks to Build on the Best
The Captive Insurance Companies Association will be holding its annual conference from March 8-10 at the Westin Mission Hills Gold Resort & Spa in Rancho Mirage, California. The theme for this year’s conference is “Building on the Best.” The conference will feature a range of educational sessions, including sessions exploring apparent hardening in the market, and gives opportunities for attendees to network with captive regulators and service providers. The Risk Retention Reporter interviewed CICA President Dan Towle to see how the conference is shaping up and to explore what a hardening market may mean for CICA and its members...
Strong Q4 Formations in Vermont as Market Hardens
Vermont licensed 22 new captive insurance companies in 2019, including two risk retention groups. Many of those formations occurred in the fourth quarter of 2019, as hardening in the insurance market became more apparent. According to Ian Davis, director of financial services at Vermont Department of Economic Development, nine of Vermont’s new captive formations occurred in the fourth quarter of 2019. Davis said the hard market contributed to strong formations in the fourth quarter, and he expects that momentum to carry on into 2020...
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RRGs & PGs
Preferred Property Program, Inc.