Hopefully, all of our accounting friends made it through April 15th and are getting some well deserved R&R. If you are looking for some light reading, may I suggest this month's feature article,
How to Setup a Captive Insurance Company: A 5-Step Primer.
One of the key takeaways I found in this article is, "A captive manager plays a key role in the formation, development, and overall success of the captive." Step #3, Interview and Retain a Captive Manager, could easily be Step #1. We have been through the formation of hundreds of captives, so we can facilitate and expedite the Structure (Step #1) and Feasibility Study (Step #2) instead of you or your client trying to gather the right information.
If you have any questions about implementing a Captive, call me directly or visit our
Captive 101 section
on our website.
Sincerely,
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Larry Papola
Lawrence J. Papola, Jr.
Principal
1-833-US-CAPTIVE
(1-833-872-2784)
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How To Set Up a Captive Insurance Company: A
5-Step Primer
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Captives are used by the vast majority of Fortune 500 companies to finance their own risk. In fact, there are approximately 7,000 captive insurance companies domiciled in more than 70 regulatory jurisdictions worldwide.
A captive insurance company is set up to insure the risks of its owners and is an integral part of a good risk management program. Specifically, a captive insurance company is "an insurance company that is wholly owned and controlled by its insureds; its primary purpose is to insure the risks of its owners, and its insureds benefit from the captive insurer's underwriting profits." This includes pure captives, association captives, and industrial insured captives.
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MAY 1:
May Day
MAY 2:
National Day of Prayer
May 4:
Star Wars Day
MAY 5:
Cinco De Mayo
MAY 7:
National Teacher Day
MAY 12: Mother’s Day
MAY 18:
Armed Forces Day
May 20-22:
WRCIC in Scottsdale, AZ
MAY 23:
World Turtle Day
MAY 24:
National Brother Day
MAY 27:
Memorial Day
MAY 28:
National Burger Day
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May is Observed as:
National Bike Month
Lupus Awareness Month
Lyme Disease Awareness Month
National Mental Health Awareness
National Physical Fitness and Sports
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Vermont Governor Signs Off On Captive Changes
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Vermont Gov. Phil Scott signed legislation to modify the state’s captive examination schedule and regulations governing group captive investments, among other changes.
The new law will change the captive examination schedule from once every three years to “five years or more frequently as needed,” according to the statement released on Thursday.
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Delaware backed up an ace 2017 with steady growth last year, and with the recent addition of the conditional licensing legislation the domicile’s growth looks set to continue
Amongst its many nicknames, Delaware is known as the ‘small wonder’. A handle that seems appropriate where its recent performances in the captive market are concerned. The state licensed 46 captives last year, impressive in the current market conditions but a drop compared to 2017, when 117 new captives were licensed in the state, leaving the number of active captives in the state above 1,000. Steve Kinion, director of the bureau of captive and financial insurance products, Delaware Insurance Department, emphasises, however, that it is not just quantity that is important to the state.
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Go West in May for the 2019 WRCIC in Scottsdale, Arizona!
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Arizona, Missouri, and Utah Captive Insurance Associations have joined forces again this year to present the Ninth Annual Western Region Captive Insurance Conference (WRCIC). The 2019 event will be May 20–22 at the Scottsdale Resort at McCormick Ranch in Scottsdale, Arizona.
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485 Underhill Blvd.
Suite 101
Syosset, NY 11791
Office: 1-833-US-CAPTIVE
(1-833-872-2784)
Fax: 888-929-6565
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Copyright © 2019. All Rights Reserved.
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