Insurance fraud can be a beast, costing the average organization as much as 5% of its revenues. The bigger the beast – that is, the higher the fraudster’s seniority level on the company’s organizational chart - the higher the damage and the losses the fraudster is likely to cause, according to the Association of Certified [...]
Technological innovations and advances have exploded in the past few years, and engineers have created real-life “futuristic gadgets” — from handheld devices to self-driving automobiles and interactive refrigerators — that were once thought to only be possible in dreams or movies. These breakthroughs are crossing over into the insurance industry, a sector that is often [...]
More than a decade has passed since the National Association of Insurance Commissioners (NAIC) introduced us to the risk-focused examination process. Although this process has been in place for some time, insurance regulators and examiners must remain cognizant of emerging requirements and issues, as they have been plentiful and ever-changing in this area. By paying attention to updates, examiners can properly identify, [...]
The Own Risk Solvency Assessment (ORSA) is designed to help insurance companies evaluate their risks and proactively address their capital needs. One tool that businesses can use to meet their ORSA requirements is an internal audit. Watch as Joseph May explains the relationship between ORSA and internal audits – as well as how [...]
A captive insurance company (or “captive”) is a licensed insurer generally established to meet the risk management needs of a specific company or group of companies. The risk management benefits are the primary reason for their formation, but the tax benefits can also be valuable. A captive must be licensed as an insurance company through [...]
In the recently released Notice 2016-66, the IRS identified micro-captive transactions as "transactions of interest" under Reg. 1.6011-4(b)(6). The mandate requires parties involved in certain Internal Revenue Code Section 831(b) arrangements to disclose the transactions to the IRS. In late December 2016, the IRS released Notice 2017-08 to extend the disclosure deadline from January 30, 2017 [...]
CRI works with a variety of companies to help them meet their insurance needs. Watch as Phyllis Ingram discusses how our captive insurance expertise yielded a high ROI for one of our clients.
NAIC adopted the own risk and solvency assessment model (ORSA) to modernize the regulation of insurance groups in the U.S. Watch Joe May discuss the privacy and regulatory concerns related to ORSA implementation and how CRI can help state insurance departments implement ORSA.
Captive insurance is tailored to meet the specific risk needs of your business. Typically, premiums will be reduced compared to commercial insurance premiums and substantial tax savings may apply. Watch Steve Williams explain how captive insurance may benefit your business, and then call CRI's advisors for help forming your captive. [...]