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How does the Risk Retention Act work?
In passing the Liability Risk Retention Act, Congress provided insurance buyers with a marketplace solution to the "liability crisis," enabling them to have greater control of their liability insurance programs. To achieve this goal, Congress created two entities -- risk retention groups (RRGs) and purchasing groups (PGs).
The Captive Insurance Companies Association is the only domicile-neutral captive insurance association. That means CICA is free from jurisdictional or commercial ties since it is not linked with a domicile or government entity. Founded by risk managers for their collective benefit, CICA continues to work to provide the foremost education, networking and leadership for captive and risk retention group professionals. Through CICA's personal network focused on the common issues that concern captives and risk retention groups, members are constantly exploring new ways to broaden the use of their captives to increase flexibility in program design, stabilize long-term program costs and increase access to both domestic (U.S.) and offshore reinsurance capacity. Duane Castles CICA was formed in 1972 to foster and support the development of captive insurance companies around the globe. Through the years, CICA has evolved along with the industry to offer alternative risk professionals the latest, most up-to-date viewpoints on captive insurance, and more recently, risk retention groups. CICA's expanding membership is a tribute to its growing number of educational offerings and its efforts to keep top professionals informed of the latest developments or challenges in the industry. More than thirty jurisdictions (Countries & U.S. States) have existing captive or risk retention legislation and many new domiciles are emerging and expanding. CICA members have an average of 2.5 captives per member. CICA members are domiciled throughout the world, with the highest number domiciled in Vermont, Hawaii, Bermuda, the Cayman Islands and the British Virgin Islands. These captives most commonly write workers' compensation and property/casualty lines, but have also diversified into areas such as product liability and employee benefits. Others have diversified into a substantial amount of related outside business and view their captives as important cost-savings mechanisms. CICA is the first and best source of unbiased information, knowledge and leadership for captive insurance decision-makers. Look to CICA for the best networking, education and advocacy for the captive insurance industry.
Five Important CICA Benefits When you belong to CICA, you will… 1. Join a vibrant network of industry peers—a high-level network of alternative risk professionals who are eager to exchange ideas and share solutions. 2. Save on registration for the CICA International Conference—the most important alternative risk education and networking event draws the largest percentage of captive representatives of any industry conference. The member discount on registration alone makes membership a worthwhile investment. Duane Castles 3. Attend the CICA Fall Seminar for free—this valuable one-day education and networking event caters to high-level executives on the go. Free to members, the seminar offers an efficient way for you to stay connected and up-to-date on the hottest industry news and issues. 4. Promote innovative ideas and garner industry recognition—CICA members appreciate your expertise. As a member, you have opportunities to speak, publish articles in CICA e-newsletters and online, publish papers and offer your viewpoint to the industry. What’s more, service provider and domicile members have opportunities for discounted advertising, exhibit space and sponsorships. Duane Castles 5. Lead and influence the direction of the industry—CICA members are seeking new ways to utilize captives to increase flexibility in program design, stabilize long-term program costs and increase access to domestic and off-shore reinsurance capability. Membership gives you a voice on the industry’s emerging issues and a forum to effect change and progress. Duane Castles
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