Standard 831(b) Captive Management Services

Captive Formation

  • Comprehensive analysis with your tax and professional financial advisors
  • Risk evaluation of your operating business(es)
  • Availability check and reservation of corporate name with domicile
  • Assistance with preparation of insurance license application
  • Collection and review of due diligence items
  • Submission of application to jurisdiction insurance manager
  • Coordination and communication with domicile authorities throughout application process
  • Selection of domicile insurance manager, registered office, and registered agent
  • Selection of insurance, audit and actuarial consultants as required for licensing
  • Preparation of Business Plan, including pro forma financial statements
  • Preparation of Articles of Incorporation and corporate Bylaws
  • Obtain Federal Employer Identification Number
  • Consultation and standard documentation for the initial capitalization of your insurance company
  • Assistance with opening bank and/or broker accounts
  • Preparation of corporate record book
  • Preparation and filing of Form 953(d) Foreign Insurance Company Election, and interface with Internal Revenue Service to ensure Election approval

Captive Maintenance

  • Accounting services for your insurance company including preparation of quarterly financial statements
  • Underwriting services for your insurance company including preparation and issuance of insurance policies, policy pricing, and any claims administration
  • Preparation and filing of the insurance company's annual U.S. income tax return
  • Obtaining third party insurance (if necessary):
  • Management of your insurance company's participation in a risk distribution pool including underwriting, reinsurance agreements, cession statements, claims administration, etc.
  • Long-term maintenance of captive insurance companies, including annual review with client regarding insurance policies and premiums as well as changes in risk needs of the operating company
  • Act as liaison between the insurance company and the client's professional tax and financial advisors
  • Act as liaison between the insurance company and its auditor
  • Ensure compliance by the insurance company with the domicile's Insurance Act, Regulations and Guidance Notes, and the AML Regulations
  • Act as liaison between the company and the domicile authorities regarding issues of solvency, business reorganization, investment diversification, shareholder and other related party loans, and other compliance matters
  • Manage IRS compliance issues and prepare responses to first level Information & Documents Requests
  • Prepare Annual Corporate Minutes and maintain Corporate Record Book