As we kick off the 4th quarter, we have a new monthly feature called The Captive Claim Highlight. Each month we will highlight a captive or a company we have helped protect from the unexpected.

I like hearing your feedback, so please drop me a line or give me a call if you have any suggestions or questions for The Captive Tribune.

And as always, if you have any questions about implementing a Captive, call me directly or visit our Captive 101 section on our website.

Larry Papola
Lawrence J. Papola, Jr.
Captive Claim Highlight
Client Profile
Industry: Medical
Gross Revenue:  $20,000,000
Location :  Utah
Claim Information
Description: There was a change in the client's medical insurance carrier that negatively affected their reimbursements. Reimbursement for services already provided virtually ceased for all claims that had previously been paid. Through their Private Carrier Reimbursement coverage, they were able to recover some of these losses.
Line of Coverage:  Private Carrier Reimbursement
This line of coverage, as written, is traditionally not available through their commercial policy, and was elected for coverage by the client under our policy. This resulted in a claim payment amount of approximately $60,000. *
Captive Insurer Formations Expected to Accelerate in 2020
New captive insurance company formations are continuing with captive regulators and managers expecting growth to accelerate next year as the traditional market hardens.

Vermont, by far the largest US domicile with 580 captives at the end of 2018, has licensed 10 new captives so far this year with more captives expected to be licensed by the end of the year.

Ian Davis, Vermont's director of Financial Services, noted that in recent years Vermont has generally licensed between 20 and 30 captives annually.

Kait Chase on RRG's & Captives
Kait Chase, risk retention group analysis manager for the North Carolina Department of Insurance (NCDOI), Captive Insurance Companies Division, is responsible for the licensing and regulation of North Carolina risk retention groups (RRGs). Previously, Ms. Chase worked as an auditor in public accounting. Ms. Chase joined the North Carolina Department of Insurance, where she also participates in the ongoing promotion of North Carolina as a captive domicile, in 2016.

In this article, she discusses a wide range of issues, including the requirements that RRGs have to meet to be licensed in the state, the growth of North Carolina RRGs, and the types of risks RRGs are covering.

October 2019 Calendar

OCT 14:  Columbus Day
OCT 16:  Boss’s Day
OCT 26: Nat’l Pumpkin Day
OCT 28: Nat’l Chocolate Day
OCT 29: Nat’l Cat Day
OCT 31: Halloween
October is Observed as:
Breast Cancer Awareness Month
Domestic Violence Awareness Month
Tennessee Governor Names New Commissioner of Insurance
Tennessee Governor Bill Lee has named Hodgen Mainda commissioner of the Tennessee Department of Commerce and Insurance, effective October 1. The position had been vacant for 3 months.

Currently, Mr. Mainda is vice president of community development at the Electric Power Board (EPB) in Chattanooga. The EPB was the first provider of Gigabit Internet in the United States, according to a news release issued by Governor Lee's office.

485 Underhill Blvd.
Suite 101
Syosset, NY 11791

Office: 1-833-US-CAPTIVE
Fax: 888-929-6565
*Please note that each claim will undergo an independent investigation and thorough review process. Various components specific to the claim at hand will be assessed thoroughly to determine if the loss is covered by the policy.