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 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.
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.
The president and CEO of SOBC Corp. explains the acquisition process for distressed insurance companies and risk retention groups.
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 Cayman Islands Monetary Authority (CIMA) has updated its captive entity domicile statistics as of September 30, 2016.
One of the benefits of the large multinational reinsurers is the amount of research they produce. Captives looking for generative thinking materials for strategic discussions would be well advised to utilize this educational resource.
The Housing Authority Insurance Group (HAIG) is looking to hire a corporate governance specialist. HAIG includes four insurance companies and eight other organizations that serve the public housing and nonprofit housing communities. Although your captive or corporate group may not be the size of HAIG, there is much to be gleaned from the HAIG job description that details the scope of corporate governance support needed in a group captive environment.
In the Captive Wire newsletters from September 16, 2016, we reported on the recent meeting sponsored by the Bermuda Business Development Agency, which took place between the Bermuda Monetary Authority and 10 reinsurers in Bermuda and was facilitated by the technology consortium R3 Technologies. The meeting brought together technology, underwriting, and regulatory experts to explore ways that revolutionary distributed ledgers, based on blockchain technology, could fundamentally change their business and give Bermuda a leading role in a rapidly-evolving digital economy.
Aaron Hillebrandt, a consulting actuary with Pinnacle Actuarial Resources, Inc., makes a strong case for captives viewing their actuary as a "strategic partner."