Insurable Interest Canadian Insurance Blog

Some policymakers have asked whether it’s possible that life and annuity business based in Bermuda could be riskier than business written by or reinsured by companies with official “domiciles,” or homes, in the United States. The paper: The European Union has recognized the BMA’s regulations and oversight efforts as being equivalent to the European Solvency II system, and the National Association of Insurance Commissioners has recognized Bermuda as a qualified jurisdiction and a reciprocal jurisdiction, BILTIR says in the new paper. In the past, some observers outside Bermuda complained that Bermuda had no corporate income tax. Now, BILTIR says, Bermuda has a 15% corporate income tax rate that’s set to take effect in 2025. “At 15%, the rate meets international expectations while remaining competitive,” BILTIR says. BILTIR members have about $1 trillion in total assets, and assets exceed liabilities by $231 billion, BILTIR reports. Hamilton, Bermuda. Credit: Andrew F. Kazmierski/Shutterstock

Among the investors in Advent vehicles are Mousse Partners, the family office of brothers Alain and Gerard Wertheimer, who own luxury brand Chanel. A native of San Francisco, Fisher was trained in the markets and investing by his father, Philip, a well-known money manager and author and proponent of growth investing. Ken started his namesake advisory in 1979. He published his first book, Super Stocks, and began writing a column for Forbes five years later. Fisher, who relocated his firm from California to Washington state in the mid 2010s seeking a friendlier business climate, moved headquarters again last year, this time to a suburb of Dallas. The move was prompted by a Washington Supreme Court ruling that the state’s plan to implement a 7% capital gains tax on its wealthiest citizens was constitutional. Fisher announced the move with a sarcastic statement blaming the court’s “wisdom and knowledge of the law” for the company’s decision. Ken Fisher. Credit: Bloomberg Copyright 2024 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

David Hirsch, the Securities and Exchange Commission’s head of crypto enforcement, has stepped down after nearly nine years at the agency. “During that time I had the opportunity to work on more complex, challenging investigations and issues than I ever imagined when I joined the agency as a staff attorney in the Fort Worth Regional Office,” he said early Monday morning in a LinkedIn post. ”I’m particularly proud of the historic work done by the Crypto Assets and Cyber Unit team I had the privilege to lead.” While not disclosing his next move, Hirsch said on LinkedIn that he was “very excited for the next set of challenges. I look forward to sharing more about that soon, but for now I’m excited for a break and travel with my family before my son heads to college in the fall.”

What You Need to Know Trump has floated tariff hikes as a way to pay for some income tax cuts. His anti-immigration stance could squeeze the labor supply, and repealing Biden’s renewable energy subsidies would push up power costs, the former Treasury secretary says. A Trump spokeswoman said his policies would reduce inflation. Former Treasury Secretary Lawrence Summers blasted policy ideas floated by former President Donald Trump as immensely damaging to both the U.S. and the global economy. “This is a prescription for the mother of all stagflations,” Summers said on Bloomberg Television’s Wall Street Week with David Westin Friday, with regard to replacing a major amount of income-tax revenue with tariffs. It would also create “worldwide economic warfare,” he said. Summers was speaking a day after Trump presented the idea of using tariff hikes as a way to pay for some income tax cuts in a meeting with House Republicans. Trump has also proposed a minimum 10% universal import levy and a punitive rate for China. A shift to relying on tariffs for revenue would push up not just the cost of imports, but those of goods and services that compete with those imports, Summers said. Consumers would have less to spend on...

The Democratic Party’s disdain for crypto is well known. SEC Chairman Gary Gensler’s conduct regarding crypto has been criticized not only by many members of Congress but by virtually every prior SEC commissioner. Gensler’s opposition reflects that of most Democrats, including Sen. Elizabeth Warren, who has sponsored several bills to curtail or ban digital assets, and Biden, who not only appointed Gensler to his role at the SEC but most recently has asked Congress to approve a 30% bitcoin mining excise tax. If passed, the tax would eliminate mining in the United States, moving innovation overseas and costing tens of thousands of high-paying, green jobs in 41 states. The crypto community has grown tired of its treatment in Washington. So, the industry has formed several political action committees and funded them with nearly $250 million, making them the largest financial influencers of the 2024 elections. Their primary targets: Democrats who oppose crypto legislation and regulation. One was Rep. Katie Porter, and she lost her primary race for the Senate. In her concession speech, she said her loss was “rigged” by “billionaires spending millions” to alter the outcome. (Porter later said she regretted her comment.) The crypto community and investment management industry are...