Captive Insurance Issues and Trends 2017
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The National Association of Insurance Commissioners (NAIC) adopted the Risk Management and Own Risk and Solvency Assessment (ORSA) Model Act (#505), which was effective January 1, 2015, for certain large insurers and is required for state insurance department accreditation by January 1, 2018.
When the Insurance Managers Association of Cayman (IMAC) hosts the 2016 Cayman Captive Forum November 29 to December 1 at the Ritz Carlton Grand Cayman, more than 1,400 attendees are expected to take part.
One of the sections in recent Internal Revenue Service (IRS) Notice 2016-66 that may be of concern to all captives, as well as commercial insurers, is the implication that an 831(b) captive with a loss and loss adjustment expense (LAE) ratio of less than 70 percent may not be an “insurance arrangement.”
More than 1,400 captive directors, chief financial officers, risk managers, service providers, and captive managers from around the world are expected to attend the upcoming 24th annual Cayman Captive Forum.
The July 2016 issue of Milliman's "Benefits Perspectives: Current Issues in Employee Benefits" features two excellent articles on helping employees with their retirement plans.
Michael Meehan, a consultant at Milliman, Inc., is featured in an A.M. BestTV video that discusses captive feasibility studies and emerging risks. Meehan is asked by John Weber, the BestTV session moderator, what percentage of feasibility studies eventually turn into captives. Meehan indicates that percentage is high because captive managers have usually performed a prefeasibility study prior to contacting an actuary that demonstrates the feasibility. “Captive managers do a good job in evaluating clients" to determine whether it is feasible for them to have a captive, said Meehan.
Several recent news articles, including two we highlighted recently in "Captive Wire," got us thinking about whether captive owners are paying attention to the inherent risks currently roiling the reinsurance markets.
Milliman consultants will tell you that "traditional insurance is not always the answer." To illustrate this concept, they have produced two videos.
Culture and values matter in the captive insurance industry, believes Captive.com coeditor John Salisbury, whose experience as a captive insurance company chief executive officer supports this conclusion.
As the National Risk Retention Association (NRRA) has announced its creation of a virtual company to promote discussion at its upcoming conference, Captive.com coeditors John Salisbury and John Foehl want to contribute to that discussion by sharing their personal experiences in creating and operating a virtual captive.