831b captivesThe Captive Insurance Companies Association (CICA) Board of Directors recently adopted a statement clarifying their position on 831(b) captives (mini-captives). In this statement, the CICA Board highlighted their concern about the misuse of these captives by individuals and companies seeking nothing more than a tax shelter.

It was important for CICA to issue this statement and clarify their official position on this matter, given the negative effects that such misuse has on the reputation of the captive industry.

The statement is worth a quick read. It can be found here.

Image credit: Avery Studio via flickr

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Karin Landry

Karin Landry

Managing Partner at Spring Consulting Group, LLC
Karin Landry, ACI, CLTC, GBA is the Managing Partner for Spring Consulting Group. Karin has over 25 years of experience in the insurance, health care, risk financing, retirement and benefits industries. She is an internationally recognized leader in captive insurance strategy, benefits and financing. She is Past-Chairman of the Board of The Captive Insurance Company Association and a member of the ERISA Industry Committee and was recently appointed to the Board of Directors for Fallon Community Health Plan. She is also a Professor of Employee Benefits and member of the finance committee for the International Center of Captive Insurance Education part of the University of Vermont. Karin’s expertise around benefits allowed her to co-author a white paper for Business Insurance Magazine titled “Captives for Benefits: How to Use a Captive to Save Money and Enhance Benefits Coverage”, which is currently a top seller. Both Vermont and the US Virgin Islands asked Karin for input and guidance with their recent legislative changes. Prior to joining Spring, Karin was President of Watson Wyatt Insurance & Financial Services in the United States and Head of the Health & Welfare division for the eastern region.