While not legally required in every captive domicile, having an independent board of directors can serve several important roles for captive insurance companies, according to a new analysis.
In this primer for how group captives can begin the enterprise risk management (ERM) process and develop the necessary expertise, we explore why the board should have an ERM committee as well as its responsibilities and charter.
When Vermont lawmakers passed legislation in 1981 to allow captive insurance companies to be set up in the state, they did something unique for a US state: authorize a captive domicile that would compete with Bermuda and the Cayman Islands, the world's biggest domiciles. Now close to 3 dozen US states permit the formation of captives.
The current state of the law regarding captives in the US Tax Court is important for micro-captive owners as they consider what approach to take going forward. A thorough review of the captive program can help establish an informed basis for decision-making both before and during an Internal Revenue Service (IRS) audit.
A captive is an insurance or reinsurance company set up exclusively to insure or reinsure the risks of the group to which it belongs. A captive insurer may operate as a direct insurer or a reinsurer. Read on to find out more about how captive insurers use reinsurance.
We provide a review and analysis of the latest white paper from Johnson Lambert and Spring Consulting Group on cell captives. Our review highlights some of the key concepts from the report and offers guidance on what to look for.
Increasingly, organizations today utilize some form of captive insurance to fund the costs of employee benefits such as medical and life insurance, accidental death and dismemberment, long-term disability, and retirement. Learn about the advantages and disadvantages of funding benefits through a captive insurance company.
Traditional interviews when recruiting new employees leave companies susceptible to blind spots because they rely on hypothetical or subjective opinions. This creates the risk of hiring the wrong candidate. However, a behavioral interview will unlock reliable and measurable information about each candidate in order to hire the best fit.