Captive Insurance Issues and Trends 2017
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A risk retention group (RRG) is a captive insurance company formed pursuant to the federal Liability Risk Retention Act. This article discusses some of the basics of RRGs, including differences between RRGs and other types of captives.
Currently, there is great uncertainty as to how the Internal Revenue Service's challenges to micro-captives will be resolved. With this in mind, a panel of captive insurance experts discussed ways to mitigate the challenges during last month's 2017 World Captive Forum.
Multiple participant captive insurance companies can take a number of forms, such as group captives and cell captives. Learn the basics of these types of captives as well as how they sometimes share risks for various reasons.
The 2017 Liberty Mutual Workplace Safety Index includes a listing of the top 10 causes of workplace injuries ranked by the percentage of total cost of nonfatal serious injuries.
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.
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.
The December 2016 issue of "Captive Insurance Company Reports (CICR)" looks at a current hot topic in the captive insurance community—the new ownership requirements for captives that have elected to be taxed under section 831(b) of the Internal Revenue Code—as well as other captive insurance current concerns.