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The Group Captive Looking Good

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The Group Captive Looking Good

  1. 1. The Group Captive LookingGoodRecent news highlighting court decisions, legislativeaction and market dynamics is providing a boost to thegroup captive insurance approach. Considering thefinancial implications of choosing another form of groupor pooled insurance for your workers’ compensation orhealth benefits, group captives present a compelling andconvincing alternative.See for example, the recent confirmation by the U.S.Supreme Court that they will not entertain a review ofNew York’s Workers Compensation Board authority toassess any remaining self- insured groups close to $1billion of liabilities left by more than 50 failed self-insuredgroups or trusts. Yes, that’s $1 billion with a B and theirdefinition of joint and several liability means you payclaim obligations of other employers outside of the groupyou joined.Judicial Enforcement of Joint & SeveralLiability Email:jboerio@roundstoneinsurance.com Website: http://www.roundstoneinsurance.com/
  2. 2. The Group Captive LookingGoodThe idea of joint and several liability beyond theinsurance facility that you participate in is a very badoutcome for the self-insured group industry and a verygood example of why the group captive approach is asuperior insurance vehicle.There is no joint and several liability among separatecaptive entities and most captive insurance companiesorganizational documents remove joint and severalliability beyond the captive participants contributedcapital.In other words, if the New York employers consideringhow to fund their workers compensation risk chose toproceed under the group captive approach rather thanthe self- insured group or trust approach, they wouldhave avoided the $1 billion assessment they are nowconfronting. Email:jboerio@roundstoneinsurance.com Website: http://www.roundstoneinsurance.com/
  3. 3. The Group Captive LookingGoodLegislative Attack on MEWAsState legislative bodies have a long history of making lifedifficult for health plans known as multiple employerwelfare arrangement or MEWAs. Now, the federalgovernment has picked up the lead and includeddramatically increased criminal enforcement andreporting requirements in PPACA (Patient Protection andAffordable Care Act also known as “Obama Care”).Common sense indicates reserves for known andunknown claims are necessary for any viable insurancefacility. The difficulty arises when an insurance facilitydoes not know or anticipate who or how those reserveswill be established. This is the environment that MEWAsface with regulators throughout the states. While MEWAassessments have not to this writer’s knowledge reachedthe $1 billion mark like New York workers compensationgroups, many an employer funding its health benefitsthrough a MEWA have received a disturbing letterinforming them their estimated health premium was notenough and they now must pay more. Adding insult toinjury, the determination that the reserves are notenough often appears arbitrary, unfounded and even a Email:jboerio@roundstoneinsurance.com Website: http://www.roundstoneinsurance.com/
  4. 4. The Group Captive LookingGoodveiled attempt by the state regulator to push the MEWAout of the health insurance business.For more details about The GroupCaptive Looking Good visit herehttp://www.roundstoneinsurance.com/ Email:jboerio@roundstoneinsurance.com Website: http://www.roundstoneinsurance.com/

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