Redefining Workers’ Compensation in Captives:

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Presentation transcript:

Redefining Workers’ Compensation in Captives: Can It Be Done?

Redefining Workers’ Compensation in Captives Janet Grace, Program Manager, Captive Division, CT Insurance Department Stephen DiCenso, FCAS, MAAA, Principal and Consulting Actuary, Milliman Brian First, EVP, Arch Insurance Group Michael Maglaras, Principal, Michael Maglaras & Company

Redefining Workers’ Compensation in Captives: Setting the Stage...

Redefining Workers’ Compensation in Captives: Setting the Stage... The traditional view is that an admitted carrier is needed to write workers’ compensation and employer’s liability coverage on a first dollar basis or in excess of a deductible. 49 states permit state-regulated qualified self-insurance...of those states, 36 permit groups of employers to self-insure. Self-insurance for workers’ compensation has a long history in the United States...SIIA estimates 6,000 businesses nationwide self- insure workers’ comp. The regulation of individual and group self-insurers varies by state...it can be either the Bureau of Workers’ Compensation or the Insurance Commission.

Redefining Workers’ Compensation in Captives: So, What’s Standing In the Way? Regulation? “Custom and Practice”? Lack of coordination between departments in state government? Sufficient lobbying by insurers? Insufficient lobbying by the captive industry? “It just can’t be done...”

Redefining Workers’ Compensation in Captives: Setting the Stage... What’s Connecticut’s Position?

Redefining Workers’ Compensation in Captives: Setting the Stage...Qualified Self-Insurance Support for Ultimate Losses Loss Control & Data Analytics Unbundled/ Bundled Claims Services Excess Limits/ Statutory Limits 2nd Injury Fund Assessments

Redefining Workers’ Compensation in Captives: Setting the Stage...Qualified Self-Insurance Annual Re-filing Requirements Adherence to NCCI Rating Adherence to State W/C Law Any State Managed Care Payment Requirements Collateral

Redefining Workers’ Compensation in Captives: So, What’s the Decision?

Redefining Workers’ Compensation in Captives: So, What’s the Decision? Accrual/ Funding Securitization of Retention Qualified Self-Insurance Statutory Limits Protection Claimant Protection

Securitization of Retention Statutory Limits Protection Redefining Workers’ Compensation in Captives: So, What’s the Decision? Accrual/ Funding Securitization of Retention Captive Statutory Limits Protection Claimant Protection

Redefining Workers’ Compensation in Captives: So, What Are the Differences? Self-Insurance Captive Excess Insurance Excess or Reinsurance Retention Collateral Qualified Claim Mgmt Loss Control Adherence to Regs Capital and Surplus Multi-line Solutions

Redefining Workers’ Compensation in Captives: So, What’s the Decision?