At least 30% of the captive
bureaus professionals must be ACIs, Certificate in Captive
Insurance (CCI) holders, or currently enrolled in the ACI or CCI program.
The new law expands the dormancy status to all captive
insurers, those captives
who cease operations to retain their state licenses should they wish to resume business.
This stems from unscrupulous practices set forth by unprofessional captive
managers who have led their clients astray by handling the clerical and administrative duties of captive
formation, but doing little in the way of verifying whether businesses had bona fide risks that could be funded in a captive
831(b) when, for example, a family-owned business is insured by a captive
owned by the lineal descendants of the business owner.
Dan Towle, director of financial services in the captive
insurance division of the Vermont Department of Financial Regulation, agreed, noting that the state has seen a significant evolution in organizations' knowledge.
domiciles are flourishing in the European Union under Solvency II.
states now able to serve as captive
domiciles, "there's more choice available onshore that meets the needs of our clients," he says.
are flexible and offer all sorts of alternative risk management solutions, so even if it takes a little research and requires companies to commit resources to set up a captive
, it's money well spent.
insurance company is a legally licensed limited-purpose property and casualty insurance company.
The problem for New York is not that it lacks a captive
law, as has been the case of many states coming late to the captive
In addition, new captive
arrangements are expanding the option to the small and midsized market.
There are none--as long as your captive
provider is very careful with critical details and issues.