It is important that new captive owners know what to expect from their captive manager to ensure the captive insurance company is running in a profitable manner and in full compliance with the chosen captive domicile's laws and regulations.
The insurance market for the legal cannabis industry is still quite fluid, with changes happening every day. Cannabis businesses are currently unable to obtain adequate and affordable insurance protection in the market, and captive insurance may be able to provide the solution.
A captive insurer should have business interruption coverage, as should its members. Editor John Foehl reviews basic questions for consideration when buying or providing coverage for business interruption insurance in this basic primer for captive insurers.
It is said that while many Risk Retention Group (RRG) are licensed under states' captive insurance company laws, not all captives are RRGs. Learn about the key contrasts of RRGs and other types of captives, including the number licensed, scope of coverage, and interest in formation.
Under the right circumstances, a captive can provide myriad benefits and, increasingly, mid-to-large firms are looking to form or join a captive insurance company. Find out how captive insurance companies operate, the different types of captives, and five key questions to ask when considering whether to form a captive.