Captive Insurance Issues and Trends 2017
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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.
Founders Indemnity Group, Inc., was licensed by the New Jersey Department of Banking and Insurance on November 2, 2016.
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.
The U.S. Court of Appeals for the Ninth Circuit upheld the federal Liability Risk Retention Act (LRRA) preemption status in September 2016 in Attorneys Liability Protection Society, Inc. v. Ingaldson Fitzgerald, P.C., Nos. 13–35115, 13–35172, 2016 U.S. App. LEXIS 17396 (9th Cir. 2016).
In 1986, Congress passed the Liability Risk Retention Act (LRRA). This Act allows homogeneous groups to form a risk retention group (RRG) in order to write liability insurance coverage. Its policyholders are the owners.
In a 7–2 ruling on September 13, 2016, the Oklahoma Supreme Court ruled that the state workers compensation opt-out statue is unconstitutional. The court ruling was based upon the fact that one group of injured workers was being treated differently from all other injured workers in the state.
The lead article in the September 2016 issue of "Captive Insurance Company Reports" provides a firsthand look into how the expanding use of telemedicine works across state lines and the complexities associated with the multiple layers of regulation.
The International Association of Industrial Accident Boards and Commissions (IAIABC) issued a report in May 2016 that compares the benefits and coverage of the workers compensation opt-out alternative adopted by Oklahoma with the traditional compulsory workers compensation coverage required in most states.
Insurance Case Finder—a customized court case search engine from IRMI, the owner of Captive.com—is a great resource for captive managers and claims adjusters.
The National Risk Retention Association (NRRA) last month filed an amicus curiae brief in the Louisiana Supreme Court in support of CPA Mutual RRG in the ongoing case of Zeigler v. Hous. Auth. of New Orleans, according to an NRRA press release.