In a comment letter to the Federal Insurance Office yesterday, the American Bankers Insurance Association called for FIO to reconsider its definition of “captive insurer” under a proposed rule to implement recent changes to the Terrorism Risk Insurance Act. The proposed rule differentiates “captive insurers” from “small insurers” for the purposes of the data collection requirements proposed in the rule. ABIA argued that this distinction is inappropriate, as it treats small captive insurers differently than other small insurers. For more information, contact ABA’s Sarah Ferman.
ABA Data Bank: Yen falls to lowest level in three decades
The Japanese Yen briefly weakened to 160 intra-day against the U.S. Dollar on Monday, it's lowest level since April 1990.