Hot Topics. David Provost, Deputy Commissioner of Captive Insurance - Vermont. Robert H. Myers, Jr., Partner - Morris, Manning & Martin, LLP
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1 Hot Topics David Provost, Deputy Commissioner of Captive Insurance - Vermont Robert H. Myers, Jr., Partner - Morris, Manning & Martin, LLP Dan Petterson, Director of Financial Examinations - Vermont Dan Towle, Director of Financial Services - Vermont August 15, 2013 VCIA All Rights Reserved 0
2 Agenda Vermont update of 2012 & 2013 Trends in Formations & Hot Topics Medical Stop Loss Dodd Frank Update The Lawsky Report The NAIC, IAIS and FIO, Oh My! Holding Company Act NAIC Governance Standards & Accreditation Leftovers 1
3 How Did Vermont Do in 2012? 32 new captives licensed 28 Pure Captives 3 Sponsored Captives 1 Risk Retention Groups $25 Billion in GWP 2
4 New Licenses in so far in Pure captives, 2 RRGs, 1 SPFI, 1 Industrial Insured, 1 Sponsored Cell company 5 Healthcare (professional medical liability for hospitals) Manufacturing Education Retail 3
5 New Licenses by Industry Total Manufacturing Healthcare Insurance Banking Professional Svc Construction All Others
6 Trends Med Mal & RRGs VT has nearly 100 hospital and physician groups with captives in VT Continued strong interest for more VT RRG s wrote more than $1.5 billion in gross written premiums VT s RRGs represents 60% of all 2012 premiums across all RRG s VT had 81 active RRG s in
7 Proliferation of New Domiciles Nearly 40 states with captive laws Good to have choices Race for economic benefits vs. attracting quality programs Viability 6
8 U.S. Domestic Captive Domiciles Captive Domicile, Number of Captives AK WA OR CA NV ID MT WY UT CO AZ NM HI ND MN SD WI MI IA NE IL IN OH PA KS MO KY OK TN AR MS AL GA TX LA WV VA NC SC FL Captive statutes No specific captive statutes NY NH ME VT MA RI NJ CT DE MD DC Alabama 23 Arizona 101 Arkansas 1 Colorado 5 Connecticut 2 Delaware 190 District of Columbia 170 Florida 0 Georgia 13 Hawaii 179 Illinois 1 Kansas 1 Kentucky 139 Louisiana 0 Maine 3 Michigan 6 Missouri 28 Montana 114 Nevada 133 New Jersey 5 New York 50 North Carolina 0 Oklahoma 5 Rhode Island 0 South Carolina 149 South Dakota 4 Tennessee 9 Texas 0 USVI 8 Utah 287 Vermont 586 Virginia 0 West Virginia 1 7
9 New Regulations in Vermont Branch Captives Incorporated Cells Separate Accounts Special Purpose Financial Insurers Reciprocals 8
10 Medical Stop Loss Insurance Provides protection against catastrophic or unpredictable losses Purchased by Employers who self-fund/selfinsure employee health care plans Covers Employer or Employer Plan Does not directly insure employees or health plan participants 9
11 Regulatory Issues & Concerns Stop loss coverage with very low attachment points acts like insurance 10
12 Regulatory Issues & Concerns Cash Flow! 11
13 Regulatory Issues & Concerns Lasering : the practice of carving out expensive employees from the excess coverage, leaving the employer responsible. 12
14 Regulatory Issues & Concerns Small employers with young, healthy employees will self-insure, leaving the older employees to the exchanges but DOL statistics show employers, large & small, tend to have representative populations 13
15 Stop Loss Regulation The NAIC developed a Stop Loss Insurance Model Act in 1995, amended in The act: Prevents insurer from avoiding regulation by selling at very low attachment points (gaming the system) Makes self-insured plans retain significant risk Established minimum attachment points 14
16 Stop Loss Regulation An NAIC working group is reviewing the model. The WG and a number of states are considering such changes as: Increasing the minimum attachment point to $60,000 or more Requiring stop loss insurers to cover IBNR after plan termination Prohibiting lasering of claims 15
17 Dodd Frank & Captives Enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act Effective July 21, 2011 Objective: To simplify licensing rules for surplus lines brokers and to simplify the taxation of surplus lines and non-admitted insurance 16
18 Dodd Frank & Captives McIntyre White Paper Anderson Kill & Olick s Bloomberg tax paper Former Chair, Judy Biggert, when NRRA passed Does not apply to captive insurance Current Sub Chairman in House Financial Services Committee, Scott Garrett (R-NJ) Does not apply. States should not interpret it that it does apply to captives 17
19 Dodd Frank & Captives Talk with your tax advisors Expand your knowledge on this subject Consider all of your options Coalition for Captive Insurance Clarity formed - legislative fix may be on the horizon Most captives are in a wait and see approach 18
20 Coalition for Captive Insurance Clarity Why was it established? Who s involved? Get involved! Federal Insurance Issues involving captives will not be going away anytime soon 19
21 The Lawsky Report 20
22 NAIC 21
23 IAIS 22
24 CAPTIVE INSURANCE INDUSTRY 23
25 Governance Standards for Risk Retention Groups 24
26 Holding Company Act 25
27 Holding Company Act Who needs to worry? What s involved? From companies From regulators What s new? 26
28 Development of Standards 2005 GAO Report indicated need for corporate governance standards Risk Retention (C) Working Group developed standards: 2007: NAIC adopts standards 2010: Subgroup formed with task of incorporating standards into Risk Retention Model Act 2011: Standards adopted with Model Risk Retention Act #705 Section 3.D 27
29 Standards effective as of For existing RRGs: Compliance required within one year from effective date of when the Act is signed into law in a state For new RRGs: Compliance at time of being licensed by a state 28
30 GOVERNANCE STANDARDS 1) Independent Directors 2) Service Provider Contracts 3) Written Policy 4) Audit Committee 5) Governance Standards (to be adopted and disclosed) 6) Business Conduct & Ethics 7) Reporting Non-Compliance 29
31 Current NAIC Activity Risk Retention (C) Working Group referral to F Committee for accreditation standard Exposed until 12/31/13 F Committee to consider comments and conduct a vote in 2014 Likely effective date, 1/1/17 Early adoption considered a best practice until standards become part of a state s law 30
32 Leftovers 31
33 Summary More growth across the industry Increase of outside reports More scrutiny than ever Increased leveling of regulation More federal intervention More options for company formation through new legislation and more domicile options What does this mean for the captive industry? 32
34 Questions & Answers Predictions for next year s Hot Topics? Open for questions! 33
35 Rate this session on the VCIA 2013 App! Go to the Event Icon on the VCIA App Click on the session you would like to rate Scroll down the screen Click on: Rate Session
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