| July
2008 Captive Insurance Company Reports (CICR) Highlights
The July issue of the Captive
Insurance Company Reports begins with "FIN 48: A Roadmap
Resembles IRS GPS" written by Kate Westover. She says that
FIN 48 requires a considerable amount of disclosure relating to
actual or potential income tax risks---akin to being a roadmap to
the IRS. She then discusses how it applies to captives.
The rest of the publication deals with a series of corporate governance
and related topics.
The first is "Editorial: Best Practices for Captives"
by Hugh Rosenbaum which presents his take on the recently released
CICA Best Practices guidelines for captives.
The send article "RRG Governance Standards Worth Captive Consideration"
written by CICR editor Steve Scammell provides the NAIC proposed
list of corporate governance standards for risk retention groups,
and suggests these are standards that might apply equally as well
to all group captives.
The third article "Captive Management with a Capital 'M' ",
written by Brady Young of SRS, addresses the recent South Carolina
proposal to establish specific standards for captive managers. In
general, Brady points out this is just one more regulation designed
to improve quality of service from managers, and deals with timely
reporting, accurate reporting, adequate depth and backup of staff,
flexible reporting, neutrality, transparency and use of technology.
He then provides three additional differentiators that he believes
separates quality captive manager from those less so.
The last article written by Roger Gillett is entitled "What
Independent Directors Offer". Roger outlines seven areas in
which independent directors can offer value, and concludes with
his thoughts on possible resistance from current providers.
Kick the tires before you buy! To
see a sample CICR, View
The January 2008 issue in Adobe Acrobat (pdf). The lead
story in this issue is entitled Insurance Outlook: 2008.
CICR
Index for 1988-December 2007 in searchable PDF
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