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Reinsurance Issues and Captive Insurer Claims Handling

Lynn sheils 600x300
March 21, 2019

A Captive Thought Leader Video featuring Lynn Sheils, senior vice president and general counsel of EWI Reinsurance, titled, "Reinsurance Considerations with Captive Insurer Claims Handling," is available in the Captive.com library.   

According to Ms. Sheils, under the notice clause, the cedent must notify the reinsurer when there is a claim that may fall within the reinsurance. Notice has to be given when there is a reasonable possibility of reinsurance being involved. Under the late notice cases, the courts have been fairly generous to cedents relative to affording them reinsurance coverage, unless the reinsurer can prove that it has been prejudiced by the lack of notice, which means tangible economic harm.

Similarly, with the claims cooperation clause, the courts have said that the reinsurer still has a duty to pay the claim unless it has been prejudiced. It is difficult for the reinsurer to show prejudice with traditional commercial insurers; however, with captive insurers, it may be easier to show this prejudice if the captive is not behaving like a traditional insurance company in its claims handling.

This section of the site currently features over 100 short educational videos by 17 captive insurance experts. Among the topics covered in the 1–3-minute videos are runoff transactions, microcaptives, 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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