Management Done Right
Create a best strategic tool, share it with your team and ensure it’s on track with intuitive dashboards. Simple enough with the sophistication and flexibility to meet the needs
Financial Accounting and Management
- Monthly accounting of all transactions with comparison against budget.
- Other specifically requested schedules such as investment details, and underwriting and claims information.
- Management Discussion Analysis highlighting any significant items in the financial statements, budget variances, statutory compliance issues, etc.
- Oversight and management of a timely and successful annual audit in conjunction with the captive’s auditors
- Effective management of operations and assets
- Handling all correspondence in relation to the captive’s continuing business
- Liaise with the captive’s appointed auditor
Insurance Services
- Preparation and issuance of policies and endorsements to ensure suitability within the overall risk financing objectives
- Preparation and issuance of certificates of insurance where required by the captive
- Liaison with the captive’s insurance agents to ensure its efficient use as a core part of the risk management program
- Collaboration with the captive’s agents to structure and place any required fronting and reinsurance requirements
- Coordination with the appointed actuary for the captive
- Underwriting functions such as captive premium recommendation and allocation
- Maintenance, reporting and analysis of underwriting and claims statistical records
Regulatory Compliance Services
Ensure regulatory compliance. We act as the principal representative for the captive as set out under the provisions of the laws of the various domiciles in which we do business and fulfill the following duties:
- Maintain principal place of business in the domicile, if required
- Monitor the captive’s compliance with insurance regulations and requirements contained in the applicable laws and, if necessary, make recommendations as to corrective action
- Prepare, coordinate and submit the annual filings as required by the Law
- Arrange for the payment of appropriate local government fees
- Prepare and submit business plan amendments for regulatory approval
- Liaise with the captive’s appointed attorney
Cash Management
- Coordination of the selected investment advisors to ensure timely reporting
- Monitoring cash balances held in the captive’s bank accounts and investing surplus funds on a timely basis in accordance with the company’s investment policy
- Execute checks and set up wire instructions within agreed limits of authority conferred by the captive’s Board
Board Meeting Services
We provide services for the annual Board Meeting, including:
- Preparation of a comprehensive Board book of agenda items and supporting material, such as past minutes for ratification, financial and underwriting reports, claims reviews, auditor, actuarial and investment reports and special items for consideration by the Board, such as strategy reviews
- Act as the captive’s Company Secretary and prepare necessary resolutions and actions of the shareholder and the Board of Directors
Is a Captive Viable? Use insureCap’s Calculator
Captives are a great risk management tool, but sometimes it may not be the best solution. The first step in our process is to figure out if a captive is a viable solution for you.
Captive Viability Test