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Ocips In The Future Of The Insurance Industry: Legal And Regulatory Considerations, Chad G. Marzen
Ocips In The Future Of The Insurance Industry: Legal And Regulatory Considerations, Chad G. Marzen
Chad G. Marzen
Owner-Controlled Insurance Programs (OCIPs, also referred to “Wrap-Up” programs), are becoming a popular insurance program in the construction industry. Some states have placed statutory restrictions and/or prohibitions on OCIPs. However, there are only 10 states to date which have even enacted any statute concerning OCIPs.
In this article, I contend that the future availability of OCIPs in the insurance industry may largely be dictated on statutory grounds. It is a call for state legislatures to critically examine the policies and purposes of OCIPs and to enact legislation which provides guidance to the industry and courts. First, two cases, one from …