Connection to Purpose

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Captive insurance has had a bit of a rough ride lately. Whether it’s the news about 831(b)s or the “extra-judicial” tax grabs by non-domicile states, it seems that we are in a continuous rearguard action regarding the efficacy of our industry.

That’s why, now more than ever, the captive industry needs to start telling OUR story. The true story of the many ways that the existence of captive insurance creates good in the world. Of course, we know that captive insurance provides a risk financing mechanism for organizations to save money; but lesser told is often what good is done with the money saved. These cost savings have a direct impact on saving lives in hospitals; helping prevent life-altering accidents for farmers, truckers and construction workers; allowing low-income housing authorities to provide safe living spaces for their clients; and helping college protect their students and provide more support for their educational mission.

There is a great article right now in Risk & Insurance exemplifying this connection to purpose. The article is focused on the lives saved at The University of Oklahoma Hospital System, where VCIA board member Heather McClure is interviewed about its captive insurance company, Academic Physicians Insurance Company.  Heather is the Chief Operating Officer at APIC, and she gives terrific and moving examples of how the captive has played such an important role to the university and community. You can read the article by clicking here.

You will be hearing more about the industry’s connection to purpose from VCIA and other captive organizations in the near future.  It’s imperative that our story get out there and be told. What’s your story?

Thank you all very much, and I look forward to hearing from you!

Rich Smith
VCIA President

Captive Immersion

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Every year VCIA looks for new ways to provide content and updated information to our members at our annual conference. This year we are trying something new: we have scheduled a half-day on Monday afternoon, August 5th, right before the conference gets started for what we are calling Captive Immersion.

VCIA’s Captive Immersion is designed to familiarize individuals who are new to the captive industry (or who just want to understand captive roles more fully) on the key services that are needed during captive feasibility study, formation and management. These services include legal, auditing, management, actuarial, investments, and captive regulation. Industry experts will give newcomers a complete sense of the various components and their importance in the overall captive picture. The afternoon begins with lunch and concludes with a cocktail networking reception for participants of Captive Immersion, the session speakers, VCIA board members, Platinum sponsors and invited captive owners.

Upon completion, participants will be able to better understand key stakeholdings in the captive insurance industry; obtain a higher-level understanding of the captive insurance industry; learn how and when to engage the services of a particular service provider; understand the roles and responsibilities of each service provider group.  A lifetime’s worth of knowledge all in one afternoon (with drinks at the end to boot)!  So, keep a lookout for more information, including our official May 1st conference kick-off day.

Thank you all very much, and I look forward to hearing from you!

Rich Smith
VCIA President

Let the Games Begin (and Congrats Vermont – Again)!

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The Vermont General Assembly began the first half of the legislative biennium this month. Both houses of the Vermont legislature now have a supermajority of Democrats, so Governor Scott (R) will have less room to push back on any legislation he doesn’t support. That being said, the House Commerce Committee’s new chair is Mike Marcotte, a Republican and former vice chair of the committee. Senate Finance remains in the hands of veteran Ann Cummings; both these committees oversee captive insurance in Vermont and both are strong captive insurance supporters.

As we do every year, VCIA initiated a process to build an agenda for suggested changes to the captive statutes for the 2019 legislative session.   With the results from our membership survey in hand, we meet with  Vermont’s captive management firms and law firms to hear their suggested changes. Then comes an iterative process with Dave Provost’s team at Vermont’s Department of Financial Regulation resulting in a consensus bill to present to the legislature. This year’s captive bill will be mostly tweaks and technical corrections, but even those are important in staying current in our ever-changing industry.

On another note, congratulations again to DFR and the State of Vermont! For the fifth straight year, Vermont was ranked the BEST  insurance regulatory environment in the United States, according to the R Street Institute’s  Insurance Regulation Report Card, an annual examination of which states best regulate the business of insurance.

Don’t forget that January 23rd  is VCIA’s annual Legislative Day in Montpelier, Vermont’s capital. It’s a full day of meeting and hearing from Vermont’s political leaders on the captive industry and issues facing the State broadly. Go to www.vcia.com and register today!

Thank you and I look forward to hearing from you.

Rich Smith
VCIA President

It was a sizzling conference!

2018collagefinalThanks to all who joined us in Burlington, Vermont, earlier this month for another great VCIA captive insurance conference.  More than 85% of conference survey responses rated our conference the best or better than most. With over 1000 attendees from 44 States and 9 countries, where more than 25% were captive owners, our annual gathering in August has grown to be THE captive insurance forum!

The conference had great energy – people liked the fresh format changes and extra touches, and, as one attendee stated the conference is “the best congregation of the captive industry in the U.S.” while another stated it was “the perfect environment for meeting the alternative risk and captive community”.  Many thanks to our sponsors and exhibitors without whom we could not put on such an event, as well as to the hundreds of volunteers who make it happen.

Now after a little break, we are back to work again looking out for the captive industry. We have a bunch of webinars being planned for the rest of the year, including Regulatory Compliance on September 20th, Captive Benchmarking on October 17th, State of the Union for Captives on November 15th with Dave Provost, Jim McIntyre and me summarizing all things legislatively current, and our annual Captive Taxation Update webinar on December 13th so keep your eyes on our website!

Thank you all very much, and I look forward to hearing from you.

Rich Smith
VCIA President

It’s Conference Time!

Just a quick post to say I hope I will see you all next week in beautiful Burlington, Vermont for our Annual Conference.  If all our previous blogs, emails and calls didn’t convince you to register yet perhaps this photo will:

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It’s always sunny in Burlington!

Thank you and I look forward to seeing you next week!

Richard Smith
VCIA President

I Will Friend You…

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Let’s not beat around the bush: VCIA’s annual captive insurance conference is right around the corner (next week!) and I hired a firm that shall remain nameless {Cambridge Analytica} to worm my way into your Facebook account and send you subliminal messages to register today.

I am doing this for your own good. Our conference is an extraordinary opportunity to collaborate with captive professionals from around the world, as well as earn credits and enhance your knowledge of how to operate your business.  Two great keynote speakers including Jack Uldrich, renowned global futurist and Joel Cohen, writer and producer of ‘The Simpsons’, will be presenting next week.

And, in line with your inability to stop my intrusion into your Facebook accounts, we have a number of future oriented sessions on matters such as blockchain, Artificial Intelligence, and drones.  And at our conference technology is being used more than ever, for a more interactive conference experience: great conference app with an activity feed, electronic polling during the sessions, Social Q & A for every session (Social Q&A is a way for the audience to share questions with the presenters and ‘vote’ for questions so that the content of the session becomes more customized). Plus, we want to get you young professionals here so we specifically developed professional development sessions to keep your career invigorated, plus a Young Professionals Forum (I hear they think Facebook is so yesterday…).

Don’t make me take over your LinkedIn account as well! Click here to register today.

Thank you and I look forward to seeing you August 7 – 9!

Time’s a Tickin’

 

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Hey, you! Yes, you! If you haven’t registered for the World’s Best Captive Conference™ yet, it’s time to get to it!  The Early Bird Rates for VCIA’s Annual Captive Conference expire this Saturday, June 30 and we don’t want you to miss out on the savings.

Top 10 Reasons to Come to VCIA!   Register Now!

  1. The VCIA conference is a great source forcaptive career development and networking; earn CPE / CLE / ICCIE credit
  2. We offer sessions with focus areas for those new to captive insurance, those in accounting / finance, operations, and risk management. Professional development sessions are offered as well. Sessions are interactive and fun.
  3. Nearly 100 companies exhibit at the conference, featuring the newest industry product and service developments.
  4. The event will have two excellent keynote speakersJack Uldrich is a renowned Global Futurist and award winning author; he will speak on trends transforming tomorrow. Joel Cohen is an Emmy award winning writer and producer for “The Simpsons.”  He is a hilarious speaker and will discuss the Simpsons, creative process, group dynamics & innovation.
  5. Risk management tour for captive owners. Captive owners are welcome on a special outing to tour Green Mountain Power, Vermont’s largest utility, and hear from their Risk Managers.
  6. Panelists who are captive owners from some of the most prestigious organizations in the world teach at VCIA. All the industry’s key players will be at the VCIA Conference!
  7. For attendees guests or spouse, there is a fun Vermont outing available.
  8. Global collaborationmake connections with professionals in all areas of captive insurance!
  9. VCIA is great for those new to the industry, or long-time participants. Educational offerings for all levels.
  10. VCIA is a great opportunity to relax, learn and have fun with industry peers!

So get on it! We look forward to seeing you in Vermont in August.
Thank you all very much!

Rich Smith
VCIA President