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REPORTING
REQUIREMENTS – RESPONSIBILITIES OF CAPTIVE MANAGER
1. The Captive Manager will file an
updated Business Plan Summary, signed by two of the Captive’s executive
officers, in conjunction with the filing of the Captive’s applicable
Statutory Report. 2. The Captive Manager is responsible
for requesting approvals from Insurance Departments for any proposed changes
to a Captive’s Plan of Operations that will have a material impact on the
Captive’s operations and/or Captive Operating Ratio. A.
A material change is a change to any information the Captive Insurance
Company license application, or a change to any information in the Business
Plan Summary that is projected to result in a change greater than 15% to any
one of the Captive’s Operating Ratios. 3. File updated financial projections (expected
basis) every five years, or when material changes to the Plan of Operations
change the Captive Operations Ratios. 4. Notification of Adverse Financial
Condition: Within 15 days following the completion of shareholder quarterly
financial statements, the Captive Manager is required to notify the
Department of any Captive which is out of compliance with statutory capital
requirements, or where there is a probability of future non-compliance, with
procedures to be taken to ensure future compliance. 5. Statutory
Reports. A. A Captive Insurer shall submit to the
Commissioner each year a report of its financial condition. B.
All Captive insurance companies shall have an annual audit by an
independent certified public accountant, and the company shall file such
audited financial report. C.
Pure Captives: A pure captive insurer may apply, in writing, for authorization to
file its annual report based on a fiscal year that is consistent with the
fiscal year of the parent company of the pure captive insurer. |
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