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Captive-Trends 2018

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Watch Out for this Captive Insurance Claims Handling Pitfall

Lynn Sheils-SF
May 14, 2018

A new Captive Thought Leader Video featuring Lynn Sheils, senior vice president and general counsel of EWI Reinsurance, titled "Watch Out for this Captive Insurance Claims Handling Pitfall," is available in the Captive.com library.

Lynn Sheils of EWI Reinsurance warns that the most obvious pitfall a captive management team can run into is paying claims that are not covered under the captive policy. Why is avoiding this pitfall difficult for captive insurers? First, there is often an overlap of staff, directors', and officers' responsibilities between the captive owner (parent) and the captive itself. Second, the captive insurer exists at the discretion of the parent, and it is often difficult for the captive to tell the parent that a claim is not covered.

Issues may also arise with conflicting fiduciary duties of the directors and officers to the captive and to the parent. If a captive does not address the coverage issue and decides to pay the claim regardless, it may run into trouble when it tries to present the claim for reinsurance, and a reinsurer may decide not to pay the loss.

This section of the website currently features 88 short educational videos by 14 captive insurance experts. Among the topics covered in the 1–3-minute videos are runoff transactions, micro-captives, tax issues, captive feasibility, captive domicile selection, choosing an auditor, captive management, group captives, healthcare captives, risk pooling, common myths about captives, how to manage a captive efficiently, what makes a captive successful, and benefits in captives.

Each of these captive insurance thought leaders has decades of broad experience with captive insurance companies, and they freely share their expertise in the videos. This constitutes a wealth of information on captive insurance fundamentals that will be especially valuable to newcomers to captive insurance. By watching one or two of these informative videos each day for a month, you will hone your knowledge of captive insurance fundamentals and trends.

There is no cost to view the videos, and you will find them in the Captive Thought Leader Videos section of Captive.com. More videos will be added in the future.

(Ms. Sheils is pictured above.)

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