These include control of premium fluctuations, choice of vendors, choice of reinsurance structure, personal tax advantages, and even a new profit center. As a result, many tax advThe U.S. Tax Court recently tried the first captive insurance case in the nation, and the ruling has helped shed some light on concerns of …

Participants will examine the accounting standards, … ELECTIVE COURSE 6 CPE credits are available for the successful completion of this course This course is geared toward captive owners, board members and audit committee members, as well as others who are looking for a deeper understanding of the underlying financial reporting components of captive insurance companies. The total number of captive insurance companies grew from 100 in the 1960s to 1,000 in the 1980s. Captive Nation provides captive insurance formation and management services. Captive formations enables companies to protect assets, decrease taxes and costs, increase income and cash flow and leverage capital to create additional wealth accumulation for the business owner. The entry is to credit the Insurance …

A captive also may be formed by multiple businesses or business owners from different companies, which is generally referred to as a group captive. The Captive Insurance Company risk mitigation strategy often provides tax breaks, but in recent months, it has come under scrutiny. Captive insurance growth surged in the 1970s and 1980s, when the property & casualty market hardened, leading to increased costs.

Our Turn-Key Approach. Page 2 Insurance generally accepted accounting principles (GAAP) update Disclosures about short-duration contracts Overview Accounting Standards Update 2015-09,Financial Services – Insurance (Topic 944): Disclosures about Short-Duration Contracts issued in May 2015 Requires additional disclosures about the liability for unpaid claims and with similar companies. In 2014, there are roughly The original inquiry may have been driven by high insurance premiums, or even lack of availability, but there are other reasons to consider a captive. To me, the benefits are apparent and considerable: the foremost, of course, being the bottom line. Captive insurance helps companies thrive in the good times and survive the tough times. The number of captive insurance companies continues to rise. The entry is to debit Insurance Receivable and credit Direct Premium Income The Company has received the outstanding premiums receivable of $24,000,000.

Insurance Bookkeeping Entry Situations 17701 Cowan Suite 120A, Irvine CA 92614 Phone (949) 474-8500 Fax (949) 474-8510 www.liptzcpa.com The Company has direct written premiums of $24,000,000. Captive insurance companies—those owned by a parent company with the purpose of underwriting the parent company’s subsidiaries insurance requirements—are becoming a popular business instrument. A captive insurance company is an insurance company formed by a business or a business owner to insure the risks of the business and related or affiliated businesses.

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