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Connecticut Is Capturing Captive Insurers
As a globally recognized capital of the insurance industry, Connecticut has had a complicated relationship with the industry segment of captive insurers. Recent legislative initiatives, however, have demonstrated the interest of state government in promoting the development of a domestic captive industry, which is growing in importance.
Typically, captives are formed by large companies that have sufficient magnitude of risk to justify the capitalization of a captive insurer that can offer the tax benefits of insurance through deductibility of premium payments while achieving the economies and control of self-insurance. Excess loss cover can be purchased from traditional insurance or reinsurance companies in order to manage the exposure. As the captive is typically managed by a professional captive manager, the additional burden on management of the sponsoring company is limited.
Connecticut first began to carve out a place in the captive market in 2008, with the enactment of Section 38a-91aa et seq. of the Connecticut General Statutes, authorizing the formation of captive insurance companies effective Jan. 1, 2009. That modest effort did not, however, generate any interest, and the favored domiciliary jurisdictions for captives continued to be Vermont, Delaware, Nevada and Bermuda. Since the adoption of the Connecticut captive statute, amendments were made in 2012 and in 2014. These amendments have created the environment for a nascent captive industry.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?