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CAPTIVE MANAGERS In some states a Captive Manager must be approved and provided a certificate of compliance in states like Washington D.C., So. Carolina, Montana, and Utah. In other states qualification is on an Insurance Department case-by-case basis. In general, however: CAPTIVE MANAGER QUALIFICATION CRITERIA 1. Individuals or business organizations may apply to be approved for the management of captive insurance companies licensed in the State of Domicile. 2. Approval will be given to individuals or business organizations with satisfactory expertise, experience and character. A. Expertise. A person with a CPA designation or equivalent professional credentials must be approved to exercise oversight of financial affairs. B. Experience. The Captive Manager must prove adequate experience in insurance and reinsurance operations to exercise oversight over Captive Insurance Companies. C. Character. Has not been an officer or director of key management person for any insurance or reinsurance company or business venture which has been issued a restrictive order (suspension, supervision, revocation order, etc.) by any regulatory authority, or been convicted of any criminal activity involving an insurance or reinsurance company or venture. NEXT PAGE
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