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Corporate Regulation and Governance in Captives

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Delve into captive insurance governance matters including board attributes, board structure, and board accountability. With 30 years of insurance experience from the auditing, regulatory, and management side, Derick White, managing director of corporate governance and regulation for Strategic Risk Solutions, offers key insights into captive board governance.

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Milliman Commentary on Captive Feasibility Studies and Emerging Risks

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August 25, 2016

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 the 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.

The role of the actuary following the feasibility study is also discussed in the video clip, which was filmed at the 2016 Vermont Captive Insurance Association (VCIA) Annual Conference. These roles include fulfilling regulatory requirements, loss reserving, pricing, and other services. When asked whether a captive actuary’s work is ever done, Meehan says that "there is always a need for actuaries to be involved.”

Meehan highlights how the captive industry continues to evolve. He sees the market today as one that is increasingly focused on emerging risks, such as cyber-risk and medical stop-loss.

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