Captive Insurance Issues and Trends 2017
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The Captive.com-IRMI editorial team, with help from others, put together a 2017 new year’s wish list for your consideration.
Captive.com editor Dan Labrie recently attended Arent Fox law firm’s seminar on “What to Expect from Our New President and Congress.” After hearing the presentation on the President-elect’s promise of comprehensive tax reform, Mr. Labrie made the following observations.
The World Captive Forum Advisory Board has developed an outstanding agenda for the 26th annual World Captive Forum (WCF), to be held January 29–31, 2017, at the Boca Raton Resort & Club, Florida.
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.
A.M. Best has downgraded the Financial Strength Rating of Security America Risk Retention Group, Inc. (SARRG), from B++ (Good) to B+ (Good).
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.
Mark Twain (but also attributed to Gideon Tucker) is quoted as having said, "No man's life, liberty or property are safe while the Legislature is in session." This will be especially true when Congress convenes in the new year and considers tax reform. Tax reform was a hot topic during the recent election, and the Republican majority in the House of Representatives is already gearing up to advance some significant changes in Federal tax law.