Committee updates captive-insurance definitions, bans eroding liquor-liability coverage in S.210
Representative Gagnon said amendment 2 to S.210 updates definitions for foreign and alien captives, includes protected cells, and adds a prohibition on eroding liquor-liability policies; members clarified "alien adversary" refers to captives domiciled outside the United States and the bill passed as amended.
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Representative Gagnon described S.210 with amendment 2 as an update to captive insurance law, standardizing definitions to distinguish foreign and alien captives and to include protected-cell entities under the chapter. He said the amendment adds a provision preventing captive insurers from issuing eroding or declining liquor-liability coverage that reduces occurrence or aggregate limits by costs or defense expenses.
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