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Guernsey is a leading jurisdiction for longevity swaps. Here,
Carey Olsen corporate partner Christopher Anderson explains how the
island has capitalised on its expertise in captive insurance to
provide a solution for pension funds exposed to longevity risk.
In the last five years, a number of well-known pension funds
have completed transactions worth in excess of £30 billion
through captive insurers based in Guernsey – as set
out below:
BT (2014) - Value of £16 billion
Merchant Navy Officers (2015) - Value of £1.5
billion
British Airways (2017) - Value of £1.6 billion
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On December 22, 2020, the U.S. Senate unanimously approved the
Competitive Health Insurance Reform Act (CHIRA), previously passed
by the House on September 21. If signed by the president, CHIRA
would repeal health insurers federal antitrust immunity under
the McCarran-Ferguson Act for state regulated activity that
constitutes the business of insurance. CHIRA preserves some
protections for compiling historical loss data, determining loss
development factors, and performing certain actuarial services, as
well as for developing standard insurance policy forms.
The McCarran-Ferguson Act was enacted in 1945 and gives states