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THE CAPTIVE INSURANCE COMPANY PROCESS

 

 

STEP 1:††† Contact the State of Domicile

††††††††††††††††† Selected By the Organizers

††††††††††††††††††††† * Receive Tacit Approval

 

By Insuredís/Organizer/Captive Manager

 

 

STEP 2:†††† Develop the Captive Business Plan

††††††††††††††††††††† * Incorporation Documents

††††††††††††††††††††† * Actuarial

††††††††††††††††††††† * Financials

††††††††††††††††††††† * Management Identified

 

By Insuredís/Organizer/Captive Manager

 

 

STEP 3:†††† Submit the Application

†††††††††††††††††††††† * Department of Insurance Review

 

By Organizer / Captive Manager

 

 

STEP 4:†††† Follow-up with Insurance Dept.

†††††††††††††††††††††† * Review for Certificate

†††††††††††††††††††††† * Modify as Necessary

 

By Organizer/Insurance Department / Captive Manager

 

 

STEP 5:†††† Capitalize

†††††††††††††††††††††† * Cash

†††††††††††††††††††††† * IOC

†††††††††††††††††††††† * Other

 

By Insuredís / Captive Manager

 

 

 

STEP 6:†††† Start Business Operations

†††††††††††††††††††††† * 1st Board of Directors Meeting

†††††††††††††††††††††† * Issue Insurance Coverage

†††††††††††††††††††††† * Service Start Up

By Insuredís / Captive Manager

 

 

Note: Before Step 1, the Insuredís and advisors, i.e., Insurance Broker, Captive Manager, CPA, TAX Attorney, and others will meet together to complete the Education and Approval process.Fees will be agreed and collected to fund the six (6) step process, to organize a New Insurance Company

 

 

 

 

 

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