The Captive Insurance Companies Association (CICA) is holding a webinar to discuss the importance of using best practices and qualified experts when designing and operating a micro captive.
The webinar, Doing Micro Captives the Right Way: Guidance from CICA’s New Information Statement, will be held at 12-1 pm central time, on 6 October.
It will feature panellists Sean King of CIC Services, Chaz Lavelle of Bingham Greenebaum Doll and Jeff Simpson of Gordon, Fournaris & Mammarella who will provide guidance on effectively establishing the non-tax purpose of a micro captive and clarify the risk and concerns when using one.
They will also outline the business benefits of following best practice guidelines for coverages, premiums, risk management, governance, investments and claims.
Simpson explained: “Companies not attuned to these issues, even though they may have the best of intentions, can end up with fact patterns that look too little like risk management and too much like tax avoidance.”
CICA previously published a document on 25 August outlining the steps that businesses must take when setting up a micro captive in the US, to ensure that they do not fall foul of the US Internal Revenue Service’s (IRS) rules on their tax obligations.
Dennis Harwick, president of CICA, explained: “Well-run captive insurance companies play an essential role in risk management and must be designed and operated to achieve risk transfer and risk distribution.”
CICA issued the information document to help its members and the public better operate and understand micro captive insurers. Harwick said: “Our mission to be the best source of unbiased information, knowledge and leadership for captive insurance decision makers.”
