October 2021 Edition
As temperatures go down, the commercial insurance premiums continue to rise from where they were last year! However, a bright spot is workers' comp rates went down over the same period in 2020.

Another positive note is the Supreme Court sided with the captive industry vs. the IRS. Read about the September 21st ruling in the article below.

And as always, if you have any questions about implementing a Captive, call me directly or visit our Captive 101 section online by Clicking Here.

Larry Papola
Lawrence J. Papola, Jr.
Premium Increases Continued Across Most Commercial Lines
Year-over-year, all commercial insurance lines except workers compensation continued to experience increases in average premium renewal rate in August, according to the IVANS Index, a regular premium renewal rate index compiled by the IVANS insurance exchange service.
Captive Claim Highlight
Client Profile
Industry: Medical
Specialty: Dentistry
Location: Connecticut
Claim Information
Description: A key member of our Insured's medical practice was unable to work due to unexpected health problems. Since it was unclear as to when the employee would be able to return to work, our Insured placed ads to recruit an additional employee to help fill the role. In addition, our Insured modified the office schedule in order to mitigate losses as much as possible. Through their Captive's Actual Net Loss Insurance Policy "Loss of Key Employee" coverage they were able to recover the additional expense from recruiting and lost revenue due to the unexpected lapse in work duties.
Line of Coverage: Loss of Key Employee
This exposure was elected for coverage by the client under their Captive Policy. This resulted in a claim payment amount of approximately $35,000.
*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.
Happening This Month in 2021
10/4: World Animal Day
10/5: World Teachers’ Day
10/6: Walk to School Day
10/11: Columbus Day
10/15: Boss’s Day
10/26: Nat’l Pumpkin Day
10/ 28: Nat’l Chocolate Day
10/29: Nat’l Cat Day
10/ 30: Nat’l Candy Corn Day
10/31: Halloween
This Month is Observed as:

  • Breast Cancer Awareness Month
  • Domestic Violence Awareness Month
Judge Grants Injunction Against IRS in Micro-Captive Reporting Case
A federal judge has granted a preliminary injunction barring the US Internal Revenue Service (IRS) from enforcing its micro-captive reporting requirement on CIC Services.

The September 21, 2021, ruling comes after the US Supreme Court earlier this year overturned a federal district court ruling and remanded the case to the lower court for consideration of CIC's effort to stop the IRS from enforcing its micro-captive reporting requirement set out in Notice 2016-66. 
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