Currently, there is great uncertainty as to how the Internal Revenue Service's challenges to micro-captives will be resolved. With this in mind, a panel of captive insurance experts discussed ways to mitigate the challenges during last month's 2017 World Captive Forum.
Multiple participant captive insurance companies can take a number of forms, such as group captives and cell captives. Learn the basics of these types of captives as well as how they sometimes share risks for various reasons.
The 2017 Liberty Mutual Workplace Safety Index includes a listing of the top 10 causes of workplace injuries ranked by the percentage of total cost of nonfatal serious injuries.
Here is a message that needs to be delivered to all those involved in advising, regulating, or legislating tax policy: captive insurance companies are genuine risk management organizations that add value to their owners.
Tax reform is on the agenda not only in the United States but elsewhere in the world, as well. A report of Oxfam, a global antipoverty agency, has joined those calling for corporate tax reform, and the Bermuda Business Development Agency responded quickly.
Rental captives are but one form of a captive insurance company. A captive insurer is an insurance company that is wholly owned and controlled by its insureds; its primary purpose is to insure the risks of its owners, and its insureds benefit from the captive insurer's underwriting profits.
Captive insurance companies and their owners/members, like commercial insurers, face an array of emerging risks. They no longer have the option of just focusing on traditional risks.
The National Association of Insurance Commissioners (NAIC) adopted the Risk Management and Own Risk and Solvency Assessment (ORSA) Model Act (#505), which was effective January 1, 2015, for certain large insurers and is required for state insurance department accreditation by January 1, 2018.
The December 2016 issue of "Captive Insurance Company Reports (CICR)" looks at a current hot topic in the captive insurance community—the new ownership requirements for captives that have elected to be taxed under section 831(b) of the Internal Revenue Code—as well as other captive insurance current concerns.
The president and CEO of SOBC Corp. explains the acquisition process for distressed insurance companies and risk retention groups.
The National Council on Compensation Insurance (NCCI) has published a research project report that should be of interest to captive insurers that provide workers compensation coverage.
Founders Indemnity Group, Inc., was licensed by the New Jersey Department of Banking and Insurance on November 2, 2016.
The Vermont Captive Insurance Association (VCIA) is offering a webinar titled "Captive Taxation: A Shifting World," scheduled for 2:00–3:00 p.m. EST, Thursday, December 15, 2016.
Results of the fourth annual "Workers’ Compensation Benchmarking Study," a claims management operational study, have recently been released by national medical cost containment and care management company Rising Medical Solutions.
The sale of PPM Services, Inc., the holding company of Preferred Physicians Medical Risk Retention Group, Inc. (PPMRRG), to NORCAL Mutual Insurance Company has been approved.
When the Insurance Managers Association of Cayman (IMAC) hosts the 2016 Cayman Captive Forum November 29 to December 1 at the Ritz Carlton Grand Cayman, more than 1,400 attendees are expected to take part.
There is a lot to do in the next 90 days for captives and their material advisers who have made elections under 26 US Code § 831(b) of the Internal Revenue Code. The reporting requirements will be applicable to “[v]irtually all of the captives that have selected the 831(b) tax option,” according to John Colvin, an attorney at Colvin + Hallett and a panelist on the American Bar Association’s (ABA) Captive Insurance Committee’s webinar that was held November 9, 2016.
One of the sections in recent Internal Revenue Service (IRS) Notice 2016-66 that may be of concern to all captives, as well as commercial insurers, is the implication that an 831(b) captive with a loss and loss adjustment expense (LAE) ratio of less than 70 percent may not be an “insurance arrangement.”
Michael Maglaras explains the connection between captive insurance companies underwriting medical professional liability insurance and what happens to you or me when we spend a night in a hospital bed.
More than 1,400 captive directors, chief financial officers, risk managers, service providers, and captive managers from around the world are expected to attend the upcoming 24th annual Cayman Captive Forum.