Captives have a natural advantage over commercial insurance companies due to the intimacy of their relationship with their client and owner. But they should never take that relationship for granted, and should prioritise customer service and communication the way a business would with any other customer, says Anders Esbjörnsson of NCC Insurance.
Owners of 831(b) tax-elected captives, and their advisors, have watched with alarm as the 30-year old 831(b) tax election has come under mounting scrutiny. These concerns flared up again with the recent circulation of intimidating letters from the IRS. Owners of 831(b)s have a decision to make about whether they persist with their current arrangements, says Captive Alternative’s Emilie Gastley.
With the EU adding Bermuda to its “white list” of fully cooperative tax jurisdictions, the outlook looks bright for Bermuda’s captive insurance industry in 2020, says Nick Miles of Kennedys.
Should pandemic be included in TRIA? What is needed is innovation, not state aid, says Marcus Schmalbach of Ryskex, who takes a look at the current market situation and invokes the spirit of Adam Smith.
Captives and individual clients alike have been awestruck by the recent moves in the markets. With the COVID-19 coronavirus outbreak quickly becoming a pandemic, just as an oil price war broke out between Saudi Arabia and Russia, markets have experienced a perfect storm. Oppenheimer’s Jack Meskunas attempts to put recent market moves into perspective.
Pandemic insurance? I’d have been laughed out of the conference room! Yet captives could be part of the solution
Most companies were utterly unprepared for the onset of a pandemic as disruptive as COVID-19, with a number of risk managers admitting it was not on their radars. But once they have navigated their companies through the immediate future and business starts to return to normal, they know that will have to change. Captives could be part of the solution. Solomon Teague reports.
When North Carolina’s captive insurance programme began seven years ago, regulators promised flexible, timely regulation that would help new captive insurers form and flourish. North Carolina’s regulators have delivered on their promise, says Barry Smith of the North Carolina Department of Insurance.
The American Institute of Certified Public Accountants has issued Statement on Auditing Standards (SAS) 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements. Lauren Williams of Johnson Lambert explains what it means for you.
Risk managers and CFOs need a plan when approaching the commercial insurance market that will set them apart from the crowd of insurance buyers, says Ryan Ralston from Elevate Risk Solutions.
In late 2018 the National Risk Retention Association, frustrated by difficulties its members experienced when registering to do business in several non-domiciliary states, petitioned the National Association of Insurance Commissioners for assistance. Jon Harkavy of Risk Services examines the current state of play.