A.M. BestTV at RIMS: Keeping Up with Regulations Remains Biggest Challenge, Say Captive Regulators
The panel discussed the state of each regulator’s captive domicile, which in total represents approximately 2,000 captive formations.
“We all have a lot of work to do just to keep up with the companies that we regulate,” said
“In recent years, we have consulted with the industry regarding our electronic filing platform,” said Robinson. “The result was that in 2017, we launched a reporting system, which allows captives to file financial returns via electronic means. This electronic platform has also helped us to capture more robust data on the captives, particularly on coverage that they write, as well as on their geographical spread risk.”
“Tax efficiency is good. It is part of being cost efficient. Tax avoidance is definitely a no-no. I think what the act is trying to achieve and what our responsible jurisdictions are telling are actually the exact same thing: Use captives for the right reasons.”
For full video coverage of RIMS, including exclusive executive interviews, visit http://www.ambest.tv/rims18.
Panel discussions from the RIMS conference include:
- Coverage for On-Site Violence Is ‘Business as Unusual,’
Says Risk Panel on Active Shooter Incidents: Insurers and risk experts say demand for coverage against the costs of active shooters and similar incidents are rising: http://www.ambest.com/v.asp?v=rims2418. - Cyber Is Growing Into the Risk That Connects Them All,
Says Panel : Risk management executives say more insureds are asking for broader coverage for the losses that can be triggered when an organization’s network is compromised: http://www.ambest.com/v.asp?v=rims5418. - Most Effective Catastrophe Work Occurs Pre-Storm,
Say Insurance Leaders: Property/casualty leaders say the 2017 catastrophe losses highlight the need to invest in loss prevention, better engineering and clear explanations of deductibles: http://www.ambest.com/v.asp?v=rims4418. - Data and Analytics Leaders Reveal Their Biggest Challenge: Show Me the ROI: Experts in risk-focused data and analytics say tools and availability are advancing rapidly, but their biggest hurdle remains converting data into actionable information: http://www.ambest.com/v.asp?v=rims3418.
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