Minneapolis, MN (PRWEB) August 26, 2015
In an Information Statement released today the Captive Insurance Companies Association (CICA) emphasized the importance of using best practices and qualified experts when designing and operating a micro-captive, including those that use the Internal Revenue Code 831(b) election for small insurance companies.
“Well run captive insurance companies play an essential role in risk management and must be designed and operated to achieve risk transfer and risk distribution,” said Dennis Harwick, CICA president.
The key to successful use of captive insurance, as outlined in the Information Statement, is to follow all best practices, starting with having a valid non-tax business purpose and using the guidance of experts with primary, rather than secondary knowledge of coverages, premiums, risk management, governance, investments, and claims.
CICA issued the Information Statement to help its members and the public better operate and understand micro-captive insurers. “Our mission to be the best source of unbiased information, knowledge and leadership for captive insurance decision makers,” Harwick explained.
A copy of CICA’s Information Statement Regarding Micro-Captives is available online.
About the Captive Insurance Companies Association (CICA)
CICA is the only global domicile-neutral captive insurance association. CICA is committed to providing the best source of unbiased information, knowledge, and leadership for captive insurance decision makers. CICA is your advocate around the world, key to the captive industry and the resource for captive best practices.
Contact: Dennis P. Harwick, CICA President
Captive Insurance Companies Association
4248 Park Glen Road
Minneapolis, MN 55416