The Captive Insurance Companies Association (CICA) will honour Charles “Chaz” Lavelle with its 2020 Distinguished Service Award, and Ophthalmic Mutual Insurance Company (OMIC) with its 2020 Outstanding Captive Award.
The presentations will be made at a virtual ceremony on December 2, 2020.
Lavelle is a partner at Dentons Bingham Greenebaum who has counseled taxpayers in the formation, operation and taxation of captive insurance companies. He represents taxpayers in federal tax controversies at all levels on a wide variety of issues including captive insurance issues.
He was tax counsel on two significant taxpayer victories in Humana vs. Commissioner and Ocean Drilling & Exploration Company vs. United States. He serves as faculty for International Center for Captive Insurance (ICCIE), leads captive tax committees and served as a regent on the board of the American College of Tax Counsel.
The Outstanding Captive Award is presented to a captive insurance company or risk retention group that has shown creative uses for a captive, been successful in managing the captive in terms of net results and usefulness to its owners, has prevailed over difficult times or situations, and has gained acceptance, recognition, and a positive reputation among rating agencies, regulators and colleagues in the captive industry.
OMIC was founded in 1987 shortly after the 1986 Risk Retention Act was passed by Congress and was originally funded by the American Association of Ophthalmology. Through policyholders’ contributions its initial investment was repaid within a year.
OMIC strives to be a leader in the medical liability community and to promote quality ophthalmic care and patient safety. Before OMIC, ophthalmologists were often forced to subsidise higher risk medical specialties and sometimes were unable to obtain coverage.
It initially insured close to 500 ophthalmologists and now insures nearly 50 percent of the available market and approximately 5,500 policyholders/owners. Its history of focusing on patient safety has allowed the RRG to achieve an insured retention of 96 percent, $43 million in premium, surplus of $223 million and an AM Best rating of A.
Tim Padovese, president and chief executive officer at OMIC, said: “OMIC prides itself in exceeding our customers’ expectations, having a strict financial responsibility to our members, and is very committed to our patient safety initiatives.”
Lavelle said: “As the business and tax laws evolve and as the risk management world identifies more exposures that companies need to address, I think there’s a continuous improvement process to make the insurance policies and the operation of the insurance companies match the risks while simultaneously meeting regulatory requirements and business objectives.”
Dan Towle, CICA president, said: “This year’s recipients have truly influenced the industry. They serve as role models for future captive professionals and for organizations considering forming captives.”
Captive Insurance Companies Association, CICA, Chaz Lavelle, Ophthalmic Mutual Insurance Company, OMIC, Dan Towle