DCIA 2012 Fall Forum Recap
|Association & Domicile Update|
|How to Survive an IRS Audit|
|Best Practices for Small Captives|
Captive insurance industry executives from around the country gathered in Wilmington, Delaware this week for the 2012 Delaware Captive Insurance Association (DCIA) Fall Forum. Conference attendees benefited from multiple networking opportunities and learned about many exciting developments happening in this dynamic captive domicile.
DCIA President Richard Klumpp welcomed the attendees and presented some just-released data describing impressive growth of the domicile. The number of Delaware-licensed captives has spiked from just 49 at the end of 2009 to 393 as of November 13, 2012. The breakdown is as follows:
161 – Licensed captives
221 – Licensed Series Captive Insurance Companies
11 – Licensed Protected Cells
Additionally, he noted at least 25 applications are currently in some stage of the pipeline according to Insurance Department officials. This growth trend has quietly positioned Delaware as one of the top three captive domiciles in the country based on licenses issued.
Mr. Klumpp then talked about new things happening with the association. He reported that membership has been steadily increasing since 2009 and discussed developments in marketing strategy facilitated by a grant issued by the state of Delaware. He noted that a formalized advertising campaign is slated be rolled out early next year.
Gary Bowers, Partner at Johnson Lambert LLP then presented on “How to Survive an IRS Audit.” Mr. Bowers shared a brief tax review, presented sample IRS audit questions and briefed the audience on recent captive activity.
The educational program was capped off by a lively panel discussion be leading industry service providers in the Delaware domicile on “Best Practices for Small Captives”. The panel shared their expertise on best practices related to formation and ongoing management details.
DCIA is currently working on its 2013 event calendar so stay tuned for additional association updates coming soon.
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