CAPTIVE COMPANY
FORMATION and IMPLEMENTATION

The Steps

FIRST, contract with an Insurance “Captive Manager”. The use of an approved Captive insurance manager is required for each Captive;

SECOND, arrange an introductory meeting with the Insurance Department. The purpose of the meeting is to meet with officials of the organizers, and identify the purpose and effort behind this effort.

THIRD, request from the Insurance Commissioner a Certificate to develop the Captive;

FOURTH, prepare documents for Incorporation;

FIFTH, prepare application documents for submission to the Insurance Department;

SIXTH, a review by the Insurance Department of the Application and if suggested reviewed by independent advisors as may be requested by the Insurance Commission;

SEVENTH, submit Incorporation papers to the Business office of the State;

EIGHTH, submit an application with Incorporation papers, FINAL business plan and actuarial forms, and accounting financial condition;

NINTH, OBTAIN the issued Authority to do business from the Insurance Commissioners.

The average time required to complete the formal process is generally less than 30 days.

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