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Captive Review Turns To Nate Reznicek, ACI Of CIC Services To Provide “The Final Word” for CICA 2019
April 23 2019

Captive Review Turns To Nate Reznicek, ACI Of CIC Services To Provide “The Final Word” for CICA 2019

Randy Sadler Captivating Thinking, Recent Headlines

The Captive Insurance Companies Association (CICA) is the largest domicile-neutral captive insurance association globally.  This year’s CICA conference was held in March 2019 in Tucson, Arizona.  Not surprisingly, one of the hot topics of the conference was small captive insurance companies What is a Captive?, including those that make an 831(b) tax election. CICA has been providing guidance to the industry on compliance, risk distribution, and risk pooling.  Pooling is an age-old industry practice, but some pundits have distorted U.S. Tax Court rulings to suggest there is no legitimate risk pooling.  Captive Review turned to Nate Reznicek, ACI, Director Of Operations at CIC Services, LLC to write the “FINAL WORD” in the CICA Conference 2019 issue.  Nate’s article includes some key themes from the conference, addresses the false narrative of some industry pundits and sets the record straight on risk pooling.

Speaking of “false narratives” he notes:

To an unsuspecting audience, these faux warning cries seem alarming and often come from someone that would normally be considered credible, like a tax professional or an attorney. These promote often use large paid-for-publication services to give the appearance of credibility and spread their disinformation campaign as far and wide as possible.

He also points out that:

CICA remains one of the best sources of unbiased information, knowledge, and leadership for the industry. Guidance issued by CICA is the work of a large number of highly-respected captive professionals and is never the work or voice of any one individual or corporation.

To read the entire “FINAL WORD” article, CLICK HERE to download a PDF copy.

Keep A Bundle Of Profit With A Bundled Captive Insurance Program CIC Services Launches Captive Program for Small, Mid-Sized Businesses

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  • Jay “Chicken Little” Adkisson Is At It Again
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Stronger Business Model

Businesses who implement ERM programs combined with a captive to plan for unforseen risks stand a better chance of surviving, and passing to the next generation.

Improved Cost Controls

Captive owners can leverage their ERM and captive programs to improve their negotiating ability when renewing their commercial insurance coverages.

Wealth Accumulation

Profitable captives will see their reserves grow over time to significant sums which can be utilized by their owners for retirement or other life cycle needs.

Advantageous Tax Treatment

Insurance companies are the only entities allowed to expense projected future expense against current-year revenues (claim reserves). Small captives (premiums of $2.2M or less per year) may also elect to only be taxed on their investment income, potentially resulting in substantial tax savings for their owners.

Insurance Profits

Utilizing your captive to reduce or replace your commercial insurance coverage with policies issued by your captive allows you to capture insurance profits previously realized by the carriers.

Improved Risk Management

Adding a captive and ERM program will result in a higher awareness and enhanced strategies for how your organization thinks about and plans for all risks.

Asset Protection

The assets held by a properly organized and managed captive enjoy a very high degree of protection from both the business’ and business owner’s creditors.