The Self Insurance Institute of America (SIIA) and Sean King, JD, CPA, of CIC Services, LLC have called on the IRS to either suspend or repeal Notice 2016-66, as reported in Captive Insurance Times (CIT). Notice 2016-66 places additional reporting requirements on small captive insurance companies (CICs) that make an 831(b) tax election. According to CIT, SIIA’s comments essentially argue that the IRS should
This week, CIC Services attended the World Captive Forum (WCF) in Boca Raton, Florida. One of the large focal points of the conference was the impending change facing the insurance industry, fueled by the “Sharing Economy” and “extreme risks” like cyber, flood and terrorism. In this shifting landscape, captive insurance companies (CICs) are expected to proliferate as they can provide more efficient risk-transfer structures for their parent companies. Emerging risks are expected to outpace
I had a mesmerizing conversation this week with business owner, who is exploring owning his own insurance company, specifically a captive insurance company. I don’t use the word “mesmerizing” often, but it certainly applies here. He founded his company in 1990 and has grown it into a successful and thriving enterprise. When I asked him what interested him in owning his own insurance company, he told me that he had just made his last payment
What is a “Non-Damage Event”? In its 2017 GLOBAL RISK BAROMETER, Allianz reports that, “Perils such as natural catastrophes and fires are the causes businesses fear most, but the nature of the risk is shifting increasingly