Welcome to MIJS Captive
Moore Ingram Johnson & Steele LLP (MIJS) began its captive practice in 2008 to provide businesses with an alternative to the standard captive management model. Given the various legal complexities that go into a properly operating captive insurance company, MIJS believed it was important to provide a captive management team that consists of attorneys and insurance professionals with expertise in insurance defense/coverage, regulatory compliance, accounting, corporate, and tax. That way MIJS could provide the captive industry with a lawyer based management option which would provide the same attention to detail, responsiveness, and confidentiality one should expect from a law firm.
Given the recent concerns that the Treasury and IRS Commissioner have expressed about the Internal Revenue Code (“IRC”) Section 831(b), we have assisted our clients in navigating their captive out of this Code Section’s election. We firmly believe that all of our Captive clients have a legitimate business purpose in forming a legitimate Captive insurance company. Nevertheless, we now have over half of our captives under management filing their federal corporate tax returns under IRC 831(a). This allows these captive clients to continue their risk management program without the concern that they will be subject to the IRS’ Dirty Dozen classification.
MIJS clients and the captive industry alike have recognized MIJS for its exemplary captive management services with MIJS having been awarded the Independent Captive Manager of the Year award by Captive Review in 2014 and 2015 as well as being recognized by Highly Commended Captive Manager of Enterprise Risk Captives in by Captive Review in 2017.
MIJS captive expertise includes forming and managing:
- Large Pure Captives
- Group Captives
- Self Insured Programs
- Industrial Insured Captive
- Enterprise Risk/Micro Captives
- Sponsor and Protected Cell Captives
In the interests of protecting our clients from undue scrutiny, MIJS forms and manages its client’s captive insurance companies exclusively with U.S. domiciles with strict regulatory oversight that require adequate capital, adhere to regular reporting requirements, and comply with rules and regulations of the Internal Revenue Service.
Captive management services that MIJS provides include:
- Conduct a comprehensive feasibility study
- Risk underwriting and policy design working closely with the insured’s insurance broker
- All insurance and corporate regulatory compliance in 11 US domiciles
- Facilitating necessary reinsurance utilizing independent advisors
- Claims intake and resolution
- Facilitate the production of quarterly and year end GAAP financials utilizing nationally recognized independent CPAs with Captive Insurance experience
- Facilitating production of audited financials and Captive federal tax returns utilizing nationally recognized independent CPAs with Captive Insurance experience
- Facilitating actuarially sound funding analysis at formation of the Captive with annual funding analysis at renewal utilizing nationally recognized independent actuaries with captive insurance experience
- Should captive be audited by state or IRS, MIJS assists with audit responses at no additional charge.
