“Group life and long term disability (LTD) insurance are among the most common U.S. employee benefit programs funded through captives,” according to a recent Milliman publication. Many of the risks associated with these types of benefit programs are different from captive property and liability coverages.
Legislation has been introduced in both the US House of Representatives and the US Senate to increase the premium limitation on small insurers for federal tax considerations. Representative Erik Paulsen, Minnesota (R), and Representative Ron Kind, Wisconsin (D), are cosponsoring H.R. 1788, and Senator Orrin Hatch, Utah (R), is sponsoring S.B. 905.
The District of Columbia’s Captive Insurance Company Amendment Act of 2014 became effective March 10, 2015, following the end of the 30-day congressional review period.
Ian Kilpatrick, founder of Advantage International Management, has received the Captive Insurance Companies Association (CICA) Distinguished Service Award.
The National Association of Insurance Commissioners (NAIC) Financial Regulation Standards and Accreditation (F) Committee has scheduled a conference call for 4-5 p.m. CDT Tuesday, May 26, 2015, to discuss the proposed revisions to the accreditation preamble that will include certain types of captive insurers in the scope of the NAIC Accreditation Program.
A content-rich program with an impressive array of topics and speakers is planned for the 11th Annual Canadian Captives & Corporate Insurance Strategies Summit scheduled for May 27-28 at the Sheraton Centre Toronto.
An April 11, 2015, New York Times article, “Risky Moves in the Game of Life Insurance,” continued the attack on what some, including the New York Insurance Department, have labeled shadow insurance.
Montana Governor Steve Bullock has signed two captive-related legislative bills, one of which will now allow public-sector entities to establish captive insurance companies in the state.
If your captive is insuring workers compensation through a fronting insurer in multiple states, you could benefit from an up-to-date overview of the numerous workers compensation reform challenges that are taking place. Articles are cited that will help get you up to speed.