From the 2017 February Risk Retention Reporter

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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....

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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RRGs & PGs

As of February 2017
234 RRGs
987 PGs