|
|||||
|
|||||
iii.
File any financial or other reports as required by the Department of Insurance
and Securities Regulation. C. Record Retention. i.
Maintain underwriting records evidencing all insurance and reinsurance
activities. 3. Sub-contracting. A.
Keep copies of all service agreements entered into by or on behalf of the
captive insurance company, including services subcontracted by the Captive
Manager to affiliated and non-affiliated entities. 4. Rescission of Captive Manager Approval
in states where formal written approval is provided. A.
A Captive Manager will be notified that approval is to be withdrawn
if: i.
The Captive Manager knew or should have known and failed to inform the
Captive Board of Directors and the Commissioner of actions of a captive under
management leading to revocation or suspension of the certificates of
authority under various provisions of the State Insurance Code. ii.
The Captive Manager fails to perform the required Basic Services, or
does not correct failures in internal control procedures identified in an
independent audit or state examination. B.
The Captive Manager will be given an opportunity to respond to the
notification of the rescission and must provide evidence within 30 days that
deficiencies identified by the Department are corrected. The Captive Manager will be removed from
the list of approved Captive Managers if such information is not provided. |
|||||
|
BACK – USE ARROW TO PRINT USE PRINT PREVIEW |
||||