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2017 February Risk Retention Reporter Headlines and Article Excerpts
New York Exempts Risk Retention Groups from Cyber Regulation
In an unexpected development, the New York Department of Financial Services exempted risk retention groups in a recent draft of its cyber regulation 23 NYCRR 500. New York’s cyber regulation, which takes effect on March 1, 2017, requires that companies falling under the regulation set up a rigorous cyber security framework that includes the development of a comprehensive cyber program, appointment of a chief information security officer, and strict reporting requirements....
Longtime President of CICA to Retire in June
For Dennis P. Harwick, the retiring president of the Captive Insurance Companies Association, his biggest accomplishment is helping to foster a spirit of collaboration among the many different entities that represent the captive and risk retention group industries. And the key to that cooperation is making sure that when different associations, domiciles, and companies come together to talk about shared problems, he said, “we’re perceived as a partner and not as a competitor.”...
Special Feature: D.C. Domicile Update
This month’s special feature is first in a series of interviews with regulators active in the captive and risk retention group arenas. This month’s article features Sean O’Donnell, Director of Financial Examination at the Risk Finance Bureau of the D.C. Department of Insurance, Securities and Banking. The article touches on D.C.’s history and growth as an RRG domicile, the implementation of RRG governance standards, what regulators in D.C. are looking for in prospective RRGs, and the potential role the RRG and captive industries could play in the world of emerging technology....
RRR Preview of Upcoming Captive Conferences
It’s not too late to register for the 2017 CICA International Conference which will be held from March 12 to 14 at the Manchester Grand Hyatt in San Diego, California. The theme of this year’s conference is Defying Disruption and there are numerous sessions—such as “Disruptive Technology”…The New Frontier and Prepare Now: Defy Disruption from New Accounting Standards—to help attendees navigate uncertain waters. In the addition to the educational sessions the conference gives attendees the opportunity to network with regulators and service providers globally....
Risk Retention Roundup
This month no new risk retention groups were added to the Risk Retention Reporter listings, and two RRGs were deleted, taking the total number of RRGs down to 234. Four new purchasing groups were added to the Risk Retention Reporter listings, and no PGs were deleted, taking the total number PGs up to 987. A slight adjustment to the number of operating PGs was made due to the omission of a PG retirement earlier in the year....
RRGs, Captive Managers, and Others in the News
Delaware has begun a search for a new director for its Bureau of Captive Insurance & Financial Products. Steve Kinion, who has served in the position for the last eight years, has led Delaware from under 100 captive insurance entities to over 1,000. In a press release, recently elected Insurance Commissioner Trinidad Navarro stated that he “appreciates the leadership Mr. Kinion has provided, but has decided to use the administration transition as an opportunity to restructure the position for a permanent resident state employee.”...
RRG Ratings Roundup
A.M. Best revised the outlook to positive from neutral for the Financial Strength Rating (FSR) of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb+” assigned to Eastern Dentists Insurance Company (A Dental Society Risk Retention Group) (EDIC)....
Despite Slowed Growth, Number of PGs Inches Towards 1000
The number of operating purchasing groups increased in 2016, increasing from 960 to 983 for a growth rate of 2.4%. This is a decline from the growth rate of 3.4% reported in 2015. This year’s decline is attributable both to a decline in formations—down to 29 from 34—and an increase in the number of PGs becoming inactive, up to 5 from 2....
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