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.
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.
Here are some recent and upcoming events in the captive insurance industry that may be of interest to our readers.
Captive Insurance Companies Association (CICA) has scheduled a webinar, titled "Brexit and the Impact on the Captive Industry," to be held at noon (CDT) (1:00 p.m. ET) October 20, 2016.
The African Risk Capacity Insurance Company Limited (ARC Ltd), a Bermuda-domiciled captive insurer, is an African natural disaster insurance pool. This creative captive venture was created by the African Union entity African Risk Capacity (ARC).
Attendees at the Vermont Captive Insurance Association (VCIA) 2016 Annual Conference next week (August 9–11) in Burlington, Vermont, will have the opportunity to hear a presentation on “Reinsurance Marketplace Trends.” Steve McElhiney, the president of EWI Re, Inc., and a past chairman of VCIA, will provide his first-hand insights about the changes and current state of the reinsurance market. The session is scheduled for 1:45 p.m. on Wednesday, August 10.
The lead article in the July issue of the Captive Insurance Company Reports (CICR) provides an analysis of a decision by the U.S. District Court for the Eastern District of Washington. It details why the court concluded that the net income of a nonprofit self-insurance pool in Washington state was not exempt from federal taxation, either under the doctrine of implied state government immunity or under section 115 of the Internal Revenue Code. The analysis was prepared by the Sutherland Asbill & Brennan tax department.
It is easy to be confused by the discussion and politics of Britain's vote to exit the European Union. In May 2016 the British House of Lords European Union Committee published an excellent report that may help clear up the confusion.
KPMG's Global Insurance practice has released a report, the first in a planned series, titled "Empowered for the Future: Insurance Reinvented." The report is based on findings from a survey of 70 insurance executives.
Marsh Captive Solutions has released its 2016 Captive Benchmarking Report, titled "Captive Solutions: Creating Security in an Uncertain World."