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Puerto Rico targets catastrophe bond and ILS business

Another offshore domicile has thrown its hat into the ring to compete for catastrophe bond and insurance-linked securities (ILS) business. Puerto Rico is reportedly the latest domicile to amend its insurance legislation in an attempt to bring the ILS sector to its shores.According to this article in Captive Insurance Times read the full article →

IRS proposes to treat weather, catastrophe and longevity derivatives as notional principal contracts

Newly proposed regulations from the U.S. Internal Revenue Service (IRS) could change the way certain over-the-counter derivative transactions are treated for taxation purposes. The proposal would generally allow for OTC derivatives which are based on objective non-financial information to qualify as notional principal contracts (NPC's).Law firm Sidley Austin LLP have read the full article →

Bermuda to encourage cat bonds with new rules for SPI’s

The Financial Times reports that the Bermuda Monetary Authority will be announcing new regulation today aimed at improving supervision for Special Purpose Insurers. Bermuda has long been a hub for special purpose vehicles, insurers and has been the domicile for many catastrophe bond deals over the years.The forthcoming approach to read the full article →