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SELF-INSURANCE BASICS ADMINISTRATION AND MANAGEMENT A Self-Insured program has several options depending upon the size, the interest, the ability, and if a single business owner or if an Association plan. ● The Business Owner can administer the plan from within the Company by setting up a separate department and hiring a Risk Manager and Employee Benefit person. ● An Insurance Company can be separately contracted on a fee basis to perform MANAGEMENT SERVICES ONLY with the Business Owner maintaining Administrator responsibilities. ● The selecting of independent licensed and professional Captive/Self-Insurance program administrators is the most common. ● OR, a combination of all of the above may be considered. Business Owners are realizing the benefits of OUTSOURCING most of the administration and technical service functions to licensed professional experts. The cost for the on-going resources required to internally operate a successful self-insured risk transfer plan is greatly outweighed by the set up and monthly administration/management fee charge by contracted professional experts. From plan design, regulatory compliance, and supporting technical services network development, the time and expense saved and the expertise provided (that help eliminate mistakes) are difficult to match. When the Business Owner is doing everything himself, you focus on running everything. When you outsource the management process you can focus on ADMINISTRATION for results. F. Darrell Lindsey State Approved Captive/RRG Manager U.S. State Licensed Agent/Broker
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