Captive Insurance Issues and Trends 2017
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Many captive owners are being asked to consider writing cyber-liability coverage in their captives. The idea has been discussed at numerous captive conferences over the last several years. Additionally, there are dozens of articles available on captive vendor websites that explore the possibility. Reading these articles can lead many owners and board members to conclude that cyber-liability coverage is worthy of pursuing.
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.
Most captive insurance company owners recognize the role an audit committee plays in the general good governance of their captives. However, with the increase in regulatory scrutiny of financial service firms, the importance of a competent and well-educated audit committee cannot be overstated.
Milliman recently released a white paper titled "Blockchain: An Insurance Focus" by Michael A. Henk and Robert T. Bell. The report points out the various impediments, one of which is regulation, that exist to the rapid adoption of this technology,.
Many captives are probably aware of the work being done at the National Association of Insurance Commissioners (NAIC) concerning cyber-security risks. This process began in late 2014 when the NAIC’s Executive (EX) Committee appointed a "Cybersecurity (EX) Task Force" to serve as the point group on all regulatory matters related to cyber-security. In April 2015, the Cybersecurity Task Force adopted the “Principles for Effective Cybersecurity: Insurance Regulatory Guidance.”