What does Pokémon have to do with your auto insurance? I'm sure you've heard of the new Pokémon Go app for your smartphone. It uses your phone's location to show you little creatures that appear on screen as you move around in the real world. You get points for "catching" them by swiping your finger, which helps you advance within the game. It's become incredibly popular since being released on July 6th and is making headlines around the world.
A workers' compensation policy provides insurance in two areas: coverage for the employee and coverage for the employer. When breaking down the coverage for the employee we deal with two separate and distinct issues. The first is medical expense for the employee's injury or disease. Each state operates and mandates its own coverage limits in this area. While some states mandate no dollar limit for the cost of injury or disease and subsequent care for the employee, other states place strict dollar limits on the benefits to be paid on behalf of the employee.
UNITED KINGDOM - RMC Group, a consortium of leading insurance and actuarial consulting firms, has announced a plan to expand its international operations by opening two new offices in the United Kingdom.
Ray Ankner, President and CEO of RMC Group, commented that “Establishing a permanent presence in Europe is another exciting step in RMC’s growth. Europe is an important market, particularly for our reinsurance and risk management operations in North America and the Caribbean.”
UNITED STATES - The Captive Insurance Companies Association (CICA) has added Ryan Mitchell, of RMC Group, to their CICA Publication Task Force.
“CICA’s publications are an important benefit to its members and a valuable resource for the industry. At this time, the task force will focus on updating its existing resources. CICA members are industry leaders across a variety of sectors and have valuable insights to contribute to these publications,” said Scott Beckman, Board Chair of CICA.
Condo Insurance operates a little differently than Homeowners Insurance. Since most condo associations in Florida are bound by Florida Statute 718, the condo association will obtain coverage for the Building and common areas. Unit owners are generally only able to insure the interior “livable” portion of their units, not including structural elements of the Building. You may sometimes hear condo insurance referred to as “contents-only” or “walls-in” coverage. These terms can be misleading, so let’s clarify by giving some examples.
Incorporated Cell Captives have been taking the captive industry by storm. RMC's Technical Memorandum: Incorporated Cell Captives is a must read for anyone interested in this advanced captive structure. Click on the following link to read more:
On February 24, 2016, Barbados passed legislation that enables the formation of Incorporated Cell Captives. Donville Inniss, Barbados' Minister of Industry, International Business, Commerce and Small Business Development commented, "The Government of Barbados understands the critical importance of its international business sector and the need to introduce new and relevant legislation to underpin its growth...
Interested in knowing more about captives? Click on the following link to view RMC's Technical Memorandum on Captive Insurance Companies.
With the passing of the PATH Act, major changes are coming to the 831(b) captive community. ARE YOU PREPARED? Make sure to register for this informative webinar where RMC Group will discuss the recent changes to 831(b) and what it means for existing and new 831(b) captives.
For more information on the PATH Act, click here.
On December 18, 2015, President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 (the “Act”). The Act amends section 831(b) of the Internal Revenue Code in two ways that may affect the tax treatment of small property and casualty insurance companies, including captive insurance companies.