The Self-Insurance Institute of America (SIIA) has undertaken an initiative to implement an ongoing outreach, education and advocacy strategy on captive issues before the US Congress, the administration and regulators.
The working group is currently setting the groundwork and will begin in 2020 through congressional meetings, political involvement and meetings with regulators.
SIIA said that industry participants need a legislative and regulatory plan to fill in void and misinformation in the space.
It suggested that congress and regulators are not hearing directly from owners and those using appropriate captive structures.
In addition, the risk of policymakers not fully understanding issues, or not hearing on issues at all, which lends itself to faulty policy decisions related to tax and insurance.
The SIIA captive outreach is based on three main pillars, which include congressional outreach, regulatory engagement and political involvement.
Congressional outreach will allow SIIA and its members to continue and strengthen their work with the US congress by educating members and staff and creating an ongoing dialogue.
Meanwhile, regulatory engagement will support federal candidates through their political action committee, who understands and will advance issues.
In addition, SIIA’s strategic outreach means engagement with federal and state regulators to have a mutually beneficial dialogue to further education and understanding.