South Carolina
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 place of business, and new oversight, reporting, and examination rules and requirements. (S.C. H.B. 4675 eff. May 18, 2018).
Vermont
Last year Vermont passed House Bill 85, authorizing the formation of agency captive insurers owned by insurance agencies, among other changes. Effective March 8, 2018, Vermont enacted House Bill 694, making various amendments to the captive insurance laws, including standardizing the due dates for annual reporting and premium taxes, designating the Commissioner of Financial Regulation as the agent for service of process for branch captive insurers, and further amending the governance standards for risk retention groups. (VT H.B. 85 eff. May 1, 2017) & (VT H.B. 694 eff. March 8, 2018).
Connecticut
Connecticut passed Senate Bill 377 joining Vermont in authorizing the formation of agency captive insurers owned or controlled by licensed insurance agents or producers. (CT S.B. 377 eff. July 1, 2018).
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