The outlook for Golden Insurance Company, RRG, has been revised from stable to negative by A.M. Best, and its financial strength rating of B (Fair) has been affirmed. The revised outlook is worth the review of all in the risk retention group (RRG) community. The rating reflects issues that every RRG should be concerned about as they seek to maintain financial and operational sound companies.
The Housing Authority Insurance Group (HAIG) is looking to hire a corporate governance specialist. HAIG includes four insurance companies and eight other organizations that serve the public housing and nonprofit housing communities. Although your captive or corporate group may not be the size of HAIG, there is much to be gleaned from the HAIG job description that details the scope of corporate governance support needed in a group captive environment.
Most captives were probably unaware that InsureTech hosted its first annual conference October 5–6, 2016, in Las Vegas. The first InsureTech Connect 2016 conference had an estimated 1,500 attendees. From around the world, tech entrepreneurs, investors, and insurance executives met to discuss the impact of technology on the future of the insurance industry.
The Connecticut Captive Insurance Association (CCIA) had its fifth annual Symposium October 12–13 at the Sheraton Stamford Hotel in Stamford, Connecticut. The theme for this year’s event was “Managing Risk in the New Economy.” Some of the distinguished guests attending the conference included Katharine Wade, the insurance commissioner for the state of Connecticut, and Jonathan A. Harris, commissioner of the Connecticut Department of Consumer Protection.
The Delaware insurance commissioner has approved two "limited and streamlined" application procedures to make it easier for captive insurers to comply with the Protecting Americans from Tax Hikes (PATH) Act.
The launching of online commercial lines services that enable businesses to manage, buy, analyze, compare, and store all of the insurance information in one place have become a reality. Visit the new Embroker website to see an example of this type of insurance tech initiative.
The World Captive Forum will be held in Boca Raton as scheduled following the acquisition of "Business Insurance" magazine.
The National Risk Retention Association (NRRA) 2016 Conference was once again a success. By inspiring imagination and innovation, the conference's theme of "Autonomous RRG—A Virtual Company" challenged attendees to explore the role of combined digital technologies and their future use by risk retention groups (RRGs) to manage the risks of new technologies.
In 1986, Congress passed the Liability Risk Retention Act (LRRA). This Act allows homogeneous groups to form a risk retention group (RRG) in order to write liability insurance coverage. Its policyholders are the owners.