Operations and Management

  Meeting Agenda

Revised NAIC Accreditation Preamble Released

The revised National Association of Insurance Commissioners (NAIC) Part A Accreditation Preamble draft specifically states the “section titled 'Life/Health and Property/Casualty Insurers' does not apply to insurers organized under a state’s captive statutes,” according to the April 28, 2015, memorandum from NAIC staff addressed to John M. Huff (MO), the chairman of the Financial Regulation Standards and Accreditation (F) Committee.
April 29, 2015 Read More
  Auto Insurance

Progressive Turns the Carrot into a Stick

Progressive Corp. has announced a major policy shift that will penalize poor drivers instead of just rewarding good drivers as part of its revolutionary driver electronic monitoring program, according to a March 26, 2015, article on the Claims Journal website.
April 01, 2015 Read More
  Whiteboard Business Strategy Management

Captive Best Management Practices

Tom Cifelli of Captive Experts, LLC, recently published this article of best practices for captive management. Mr. Cifelli outlines initial documentation and feasibility studies, followed by governance, communication, operations, and regulatory practices.
March 27, 2015 Read More
  construction blueprints hardhat

OSHA Releases Workers Compensation Inequality Report

The Department of Labor’s Occupational Safety & Health Administration (OSHA) released a report earlier this week that provides a remarkable analysis of the degradation of the workplace injury environment and the increased burden of the cost of such injuries on the employee rather than the employer.
March 06, 2015 Read More
  Private Information

What Is Considered Private Information?

Considering the risks of conducting business in a digital world, and how to decrease or eliminate the exposure, calls for an examination what exactly is and is not protected information and whether captives really need to collect it.
March 03, 2015 Read More

Glossarisk App Provides Easy Access to Glossary of Insurance and Risk Management Terms

How many times have you as a captive board member, executive, or manager wished you had access to an insurance or risk management term? International Risk Management Institute, Inc. (IRMI),’s owner, has developed an application for your Android or Apple device. The application is called Glossarisk. It provides definitions of more than 5,000 insurance terms, abbreviations, and acronyms.
February 19, 2015 Read More
  Train Tracks Sky

MTA Captive Provides Excess Cover in New York City Commuter Train Crash

First Mutual Transportation Assurance Co. will provide excess coverage of up to $50 million, according to a report in Business Insurance. The report quoted a Metropolitan Transit Authority (MTA) spokesperson who indicated that the captive provides coverage excess of a $10 million self-insurance deductible of its parent, MTA. First Mutual Transportation Assurance Co. is domiciled in New York State.
February 11, 2015 Read More
  A stethoscope wrapped around a small stack of $100 bills.

Finding Balance in Casualty Insurer Medical Payments

To remain competitive payers, insurers in particular must be prepared for the changing health care landscape that is accompanying the reforms provided in the Affordable Care Act, suggests "Healthcare 2015: Find the Balance in Medical Payment Dynamics," a white paper recently published by Mitchell International, Inc., a leading provider of property and casualty claims technology solutions.
January 28, 2015 Read More
  Report Card

Rating State Workers Compensation Regulation/Regulators

The 2014 Insurance Regulation Report Card, published by the “free market” R Street Institute, provides state-by-state loss ratios of interest to captives writing workers compensation coverage.
January 20, 2015 Read More
  Global Business Risks

Cybercrime, Legislation/Regulation Rising Business Risks: Allianz Survey

The Allianz Risk Barometer 2015 reveals that the five most important risks identified for U.S. businesses are (1) business interruption and supply chain; (2) natural catastrophes; (3) cybercrime, information technology (IT) failures, espionage, data breaches; (4) fire/explosion; and (5) changes in legislation and regulation.
January 19, 2015 Read More
  Law Explanation

National Association of Registered Agents and Brokers Reform Act of 2015: A Look

With the Terrorism Risk Insurance Act (TRIA) now signed into law by the president, captives can look at how the National Association of Registered Agents and Brokers Reform Act of 2015, which was enacted as part of TRIA, will affect them.
January 14, 2015 Read More

NAIC Adopts Actuarial Guideline Only for Life Insurer-Owned Captives

XXX/AXXX captive arrangements are subjects of the new NAIC Actuarial Guideline 48 that establishes uniform standards for reserve financing arrangements.
December 23, 2014 Read More
  Cyber Crime

Bazzell’s Bad News: “There Is Always Vulnerability to a Computer Breach”

Michael Bazzell, computer crime specialist, both dazzled and shocked the audience at last week’s Cayman Captive Forum 2014 during his two sessions on “How To Protect Your Organization from Computer Crime." Here are but a very select few of the facts he provided.
December 08, 2014 Read More
  World and Bar Graphs

What Type of Captive Seeks a Rating?

A new A.M. Best publication, "The World of Captive Ratings," is a great resource for captive boards and managers considering the issue of whether to seek a rating for their captive.
November 19, 2014 Read More

ACIG “Project Independence” a Success

American Contractors Insurance Group Ltd. (ACIG) was started in 1981 by a select group of larger U.S. contractors. Its evolution since that time is worthy of consideration by other organizations planning the future development of their group captive programs.
November 11, 2014 Read More
  Medical Malpractice

Medical Malpractice Reform Study Examines Impact of Noneconomic Damage Caps

Captives writing medical professional liability (MPL) coverage should read the new study, “Medical Malpractice Reform: Noneconomic Damage Caps Reduced Payments 15 Percent with Varied Effects by Specialty,” which was released by Health Affairs.
October 29, 2014 Read More
  Actuarial Report-SF2

Buying an 831(b) Captive—How Is the Back Office?

Some captive providers can sell ice to an Eskimo, but can they really deliver effective captive management service over time?
October 10, 2014 Read More

No Action on “Multi-State Insurer” Definition

The NAIC Financial Regulation Standards and Accreditation (F) Committee took no action at its August 16, 2014, meeting on the proposed regulatory definition of "multi-state insurer.".
August 21, 2014 Read More

"The Generational Effect on Captive Leadership"

This Vermont Captive Insurance Association session focused on keeping up with trends in the environment in which captives operate and how to develop the internal employee leadership capacity to take captives into the future. Moderator Tom Hodson, Connecticut Captive Insurance Association; Carolyn Snow, director of risk management with the Humana Managed Care Indemnity, Inc., captive; and Dan Labrie, president of the HAI Group, were the panelists.
August 15, 2014 Read More
  8-6 Michigan Law Imposing 1% Tax on Health Care Claims Upheld

Michigan Law Imposing 1 Percent Tax on Healthcare Claims Upheld

Self-insurers and captives operating health insurance programs under the Federal Employee Retirement Income Security Act have taken the position that the Act preempts state and local laws that relate to employee benefit programs.
August 06, 2014 Read More