Corporate Governance for Captives

Wednesday, June 28, 2017

Reserve Your Seat

Recording date:
Wednesday, June 28, 2017

Panelist Information:
Tom Jones, Tim Padovese and Derick White

58 minutes

With greater scrutiny of captives, many captives  including the adoption of the NAIC corporate governance standards for risk retention groups are re-examining their corporate governance practices. In this webinar we review the need for a corporate governance framework and discuss best practices for governance in both a single parent and group captive setting. Specific topics covered include:

  • Definition and goals of corporate governance.
  • Governance requirements.
  • The role, composition and duties of the Board of Directors.
  • The need for and activities of independent directors.
  • Governance documentation.
  • Corporate governance in practice: OMIC case study.

This webinar is suitable for existing and prospective captives in understanding acceptable corporate governance standards. It is also appropriate for anyone serving on or thinking of serving on a captive board in better understanding his/her role and duties as a director.

Tom Jones, Partner McDermott Will & Emery LLP. Mr. Jones focuses on federal and state tax, insurance, regulatory and legal matters concerning captives and other alternatives to commercial insurance. Among his many achievements, Mr. Jones was inducted into Captive Review’s Hall of Fame in December 2016 and was ranked by Captive Review Magazine as #1 on its 2014 “Power 50” list of the most influential people in the captive industry globally. He has also received special recognition for captive insurance expertise bestowed by the Cayman Islands Government and was honored by both CICA and VCIA as recipient of their annual industry Service Awards.

Tim Padovese, President and CEO, Ophthalmic Mutual Insurance Company (OMIC). Mr. Padovese has over 35 years of insurance experience with the last fifteen at OMIC. OMIC is a risk retention group insuring over 4800 ophthalmologists nationwide which translates to a 44% market share. in addition to the responsibilities associated with the company’s operations and its success, he works with all ophthalmologists that are members of their sponsoring organization, the American Academy of Ophthalmology (AAO).

Derick White, President of Strategic Risk Solutions (Vermont) is the moderator for the webinar.

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