Spring has been involved in the annual Cayman Captive Forum for almost a decade now, and our team had another great experience in 2017 just after Thanksgiving. As a regular sponsor of the event, Spring looks forward to the conference each year as a way to keep up with industry trends and benchmarks and meet with both familiar and new peers – not to mention the escape from Boston’s cold, oncoming winter season.
After each major event we attend, we try to reflect upon key takeaways and prominent themes. It’s easy to go to a conference and them promptly forget most of what you learned, simply because you need to get back to your normal obligations, and this is especially true when said conference happens amidst an already bustling holiday season. Well, we didn’t want that to happen – to us or to you! So here are the highlights of the 2017 Cayman Captive Forum, from our perspective. Between ice cream socials and quick visits to the beach, we came back with quite a few learnings. As you’ll notice, some of these topics overlap each other.
The captive world has long been a complicated one when it comes to the regulatory environment. This year, perhaps heightened by events like the Avrahami vs. Commissioner case and proposed tax and healthcare reform, industry professionals have even more questions and, luckily, answers.Alan Craig led a session on compliance regarding CIMA inspections – what is required by the Insurance Manager? What about the Auditor? Another panel, including a Deputy Head at the Cayman Islands Monetary Authority, further discussed CIMA changes and their implications, as well as possible upcoming regulatory shifts and global trends.
Not unlike the regulatory sphere, in 2017 it’s no surprise that the subject of taxes raised a lot of questions and peaked many people’s interest. Luckily, Cayman attendees had some experts to help them out. Own a captive for a non-profit or tax exempt entity? Tom Jones and Andrew Blevins had you covered in regard to legal issues and the tax definition of “insurance.” On the other hand, taxable entities were addressed too, with items discussed including: the federal excise tax, US tax reporting requirements, offshore federal tax considerations and more. US tax reform, Avrahami v. Commissioner and foreign excise tax took center stage in another lawyer-led panel, which essentially closed the loop on all tax-related industry issues.
The conference saw a great turnout from healthcare organizations, so it makes sense, in additional to the ongoing regulatory changes, why healthcare was a
noteworthy theme throughout the three days.
One session entitled “The Future is Here!” discussed the realities of telehealth and the opportunities it poses for different professionals in the captive world. Julie Robertson of Honigman also led a discussion on population health – identifying health risks, creating loss control and risk mitigation systems and how this all relates to captive participation.
In this day and age you’d probably be hard-pressed to find any kind of business conference that didn’t touch upon cyber, but in the world of risk management it is even more critical.Mark Reynolds of Harvard University and Chet Porembski of OhioHealth highlighted the important relationship between cyber risk and patient safety and argued that cyber threats should be an ERM issue, and not a problem for the IT department. Cyber expert Michael Bazzell then talked about major cyber attacks of 2017 and what you should do if you were affected. To make it even more real, Charles Kolodkin of the Cleveland Clinic explained how his team controls for cyber risk and key factors that are especially relevant for the healthcare industry.
As some of the most forward-thinking industry professionals gathered at the Cayman Captive Forum, new strategies, innovations and opportunities were discussed at length.Todd Jones explained the opportunity at “the intersection of people and risk”, while a panel including the SVP of Sompo International’s healthcare practice argued for the utilization of grievance data as a strategic captive advantage. Becky Havlisch of Banner Health, among others, discussed some nontraditional captive coverages and when they should be considered by illustrating the experience of three healthcare captives.
If you couldn’t make it to the Cayman Captive Forum or have found that much of what was discussed has gotten lost in the holiday shuffle, we hope we gave you a good glimpse into the conference’s hot topics.
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