Shaping the future
I expect continued growth in the marketplace despite the soft market.
As businesses take a longer-range strategic perspective on their
overall risk management, we will see new captives formed to address
emerging and non-traditional risks. We will also see a growing need
for a robust talent pool engaged in learning the captives industry and
developing strategies for optimal use of captives.
This is why CICA champions the dynamic nature of the captives
industry and the challenging and interesting careers it offers.
Efforts have included building relationships with risk management
programmes and getting our messages out through channels
including social media, where we can reach more young
professionals. CICA is developing partnerships with universities and
creating opportunities for shared learning by involving students in its
Career growth is a top priority for many young insurance professionals,
with some studies citing 62 percent saying it’s a deciding factor
on the industry they choose. CICA has several new programmes
designed to support career growth in the captives industry. Through
a new partnership with the International Center for Captive Insurance
Education, CICA is providing students who have earned their Associate
in Captive Insurance (ACI) a complimentary one-year membership
with CICA. This will grant them all our membership benefits, including
allowing them to participate in our mentorship programme, which can
be a key component to career advancement.
CICA’s new mentorship programme is the first of its kind for the
industry and has been well received by an overwhelming audience.
The programme has attracted such attention that CICA has been
contacted by other captive insurance associations (including
Bermuda and Vermont) about partnering with CICA or seeking
counsel on how to launch a similar programme. The programme
continues to grow and fills an important void in the industry.
The captives industry grows stronger when we work together in
partnership, and CICA can be a catalyst for bringing people together.
CICA is committed to helping the captives industry prepare for and
shape the future by bringing together the industry’s best minds to
share knowledge, generate new ideas for captives and foster careers
in the sector.
I look forward to hearing from you.
Daniel D. Towle, president, Captive Insurance Companies Association
“A major step forward was
achieved when the sitting NAIC
president, Julie Mix McPeak,
attended the CICA conference.”
simply for small captives—it applies to captives of all sizes. CICA’s
Small Captives Task Force is actively updating our guidance on small
captives and we hope to release the updated guidance later this year.
The captive insurance industry has a long history of being
misunderstood by various regulatory entities throughout the world.
Whether it is the IRS or the OECD, our industry needs to be better
understood or this trend will only get more burdensome. We have
seen this with requests for data from the IRS in Notice 2016-66 and
the OECD with their BEPS audits. If we don’t change this trend, we
should expect more regulatory agencies to have confusion and more
interest in additional oversight.
This year, a major step forward was achieved when the sitting
National Association of Insurance Commissioners (NAIC) president,
Julie Mix McPeak, attended the CICA conference. This provided an
outstanding opportunity where we could advocate with her publicly
and behind closed doors, including having a captives regulator-only
meeting. This was a huge symbolic achievement with the legitimacy
of captives strengthened by NAIC’s attendance and participation.
It also laid the groundwork for more cooperation and understanding
between the captive insurance industry and the NAIC, and is a
tremendous advancement for the entire sector.
www.captiveinternational.com US Captive 2018 9