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Irs831bcaptive atlas

IRS 831(b) CAPTIVE UPDATE

This 30 Minute Webinar Does Not Qualify for CPE
Cost Free
Presentation Length 0.0 hours

Recorded DateJune 10, 2015
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaOther
Course LevelBasic
Course Description

Earlier this year, the IRS issued IR 2015-19, which officially added certain small captive insurance companies making the 831(b) election to the IRS "Dirty Dozen" list while the Senate Finance Committee, in draft legislation increasing the 831(b) premium cap to $2.2m requires the Department of Treasury to submit an abusive practices report by February 2016.

This webinar will be presented by Mr. Martin Eveleigh, the Chairman of both Atlas Insurance Management and the North Carolina Captive Insurance Association (NCCIA). Recently, Mr. Eveleigh helped organize the Self-Insurance Institute of America's (SIIA) captive lobbying effort to address the Senate Finance Committee's proposed change to S.831(b). As a captive manager and lobbyist, he has a unique perspective regarding the future of captives making the 831(b) election, such as the new "Profit Center Captive".

During the webinar, he will review what the IRS is scrutinizing, the concerns expressed by legislators and what needs to be done for a small captive to be treated as an insurance company for tax purposes. This webinar will educate you on the following items:

Learning Objectives

  • The proper use of captive insurance companies.

  • Appropriate risks to insure.

  • Various risk sharing pool structures (i.e. risk distribution)

  • Independent premium pricing process (i.e. risk transfer)

PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Atlas

At Atlas Insurance Management, Mr. Flinchum focuses primarily on small to mid-size businesses, which make the IRC 831(b) election. Brian brings over a dozen years of experience as a captive manager and sales professional in the alternative insurance industry. Brian provides service and subject matter expertise to Atlas’s clients and their professional advisors, and he supports both Atlas’ business development and operations. Prior to joining Atlas, Brian started and successfully marketed the micro-captive niche at the fourth largest commercial property and casualty broker in the world. During his tenure, this firm became the biggest micro-captive manager within the United States. Brian has formed and sold over 200 captives during his career. Earlier in his career, Brian headed the captive sales effort at Wilmington Trust where he was responsible for introducing clients to a full array of captive management service capabilities, including program design and implementation, guidance through the license application process, and operation of the company. Additionally, Brian has served as an Account Executive for AIG Insurance Management Services (AIMS). At AIMS, he oversaw the accounting, auditing, regulatory filings and actuary reporting requirements, as well as, coordinated the annual board meeting for several pure parent captives, risk retention groups, and sponsored cell companies for large Fortune 500 Companies. Additionally, he developed proformas, forecasts and feasibility studies for most of AIG’s onshore captive formations. Brian departed AIMS to another AIG subsidiary, United Guaranty, where he underwrote and composed treaty language for 85 mortgage reinsurance captives. He also presented pre-existing captive performance to UG’s originators, which happen to be the largest financial institutions in the country. He has experience with numerous types of captives and alternative risk structures and has assisted clients in virtually every industry. His captive domicile experience includes Alabama, Anguilla, Arizona, Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Delaware, Hawaii, Ireland, Montana, Nevada, Nevis, North & South Carolina, Tennessee, Turks & Caicos, Utah, Vermont and Washington D.C.

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Howard Potter, JD, MBA

Atlas Insurance Management
Captive Insurance Consultant
hhp@hhpdenver.com
3037219452

Atlas

Howard Hugh Potter, JD, MBA, CPA, has been involved in providing insurance, tax, and financial strategies for public and closely held businesses utilizing captive insurances companies since 2001. He focuses on business development and subject expertise with CPA & law firms, insurance agencies, and financial planning & wealth management firms through affiliations as an independent contractor with captive management firms. Mr. Potter received his Juris Doctorate and Bachelor of Science of Business Administration from Creighton University and his Masters of Business Administration from the University of Nebraska. Mr. Potter was staff accountant at Peat, Marwick and Mitchell in Omaha, Nebraska and Senior Accountant in the Tax Department at Touche Ross Company in Denver, Colorado. As partner in the law firm of Vaughan and Potter, he worked in the areas of tax, legal, and financial consulting involving oil and gas investments, equipment leasing, and the marketing of tax advantaged investments. He was co-founder, principal, and national sales manager of Denver Securities Corporation, a NASD securities firm and was responsible for developing a national sales team, sales material and presentations that marketed through law firms, CPAs and the brokers/dealer community. After retiring from the law firm he served as President and CEO of CareerLab, Inc. a human capital management firm and a member of Lincolnshire International with 17 offices in North America. Mr. Potter also served on the Board of Lincolnshire and as Treasurer. Mr. Potter is an inactive member of the American Bar Association, Colorado Bar Association, Nebraska Bar Association, Colorado Society of Certified Public Accountants and the American Institute of Certified Public Accountants. He holds current licenses with the Colorado Division of Insurance for property & causality and life. Mr. Potter is a former member of the Union League Club of New York and served as a Member of the Board of Trustee for Colorado Academy, Denver, Colorado. He is a lifetime member of the National Rifle Association. Mr. Potter currently serves on three Boards: the Colorado Board of Directors of the Association for Corporate Growth and the Colorado Board of Directors of the Financial Executives International. He was awarded the Denver Association for Corporate Growth Chapter’s 2010 Outstanding Member of the Year Award. Mr. Potter also serves as a Board member for Spirit of the Sun, a 501(c)3 non-profit organization which focuses on strengthening and improving the economic and cultural well-being for Native American communities. He has hosted the Annual Investment & Financial Cross-Networking Event held at the University of Denver since 2006, with a sellout of 400 plus attendees. Mr. Potter grew up on a cattle and horse ranch on the Rosebud Sioux Indian Reservation in South Dakota and is a 4th generation enrolled member of the Rosebud Sioux Tribe. His children, Kristin, Kara and Brandon are also enrolled members of the Rosebud Sioux Tribe as are his three grandchildren, Kendall, Ben, and Russell. He and his wife, Marcia, enjoy visiting their children and grandchildren in Aspen, CO and Santa Fe, NM. Their mutual passions are family, music, and the outdoors.

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Atlas

Martin Eveleigh is the Chairman of Atlas Insurance Management, which he formed in 2002. He has an M.A. from Oxford, where he read Jurisprudence and is a Barrister-At-Law. He is also a Chartered Insurance Practitioner and Associate of the Chartered Insurance Institute. Mr. Eveleigh began his career as a broker in the Lloyd’s of London market in 1983. As Executive Director of the International Reinsurance Division of Willis, he negotiated and placed the largest marine excess of loss programs in the world. While with KPMG in the British Virgin Islands, he became a founding member of the British Virgin Islands Insurance Association. Mr. Eveleigh specializes in designing alternative risk transfer programs – particularly risk pools – and captive structures. He has chaired the legislative committee of the Bahamas International Insurance Association and has drafted legislation and regulatory guidance for Anguilla and Nevis. He currently serves as a Director of the North Carolina Captive Insurance Association and sits on the Alternative Risk Transfer committee of the Self-Insurance Institute of America. He is based in Charlotte, North Carolina.

About Our Presenter

Atlas
Atlas Insurance Management, established in 2002, has quickly become a leader in both the formation and management of captive insurance companies for a diverse clientele. With decades of expertise spread among its senior executives, the firm provides consulting and management services in the major U.S. and offshore domiciles. Atlas is committed to assisting all kinds of enterprises in creating custom captive insurance models for the efficient financing of risk. We enjoy working with our clients, learning to understand their businesses and helping them to appreciate the full scope of their risk environment. Our objective is to match captive insurance and other techniques to strategic business objectives and the client’s appetite for risk. Atlas has worked with all types of captive insurance companies. Team members have structured and managed a full spectrum of programs for property and casualty coverages, (including warranty, workers’ compensation, general and auto liability, marine and transit and medical malpractice) as well as medical, accident, life and annuity business.