Tribeca
    • 480-553-6221

 


Captive Management

Tribeca provides turn-key captive management services. Our services begin with the initial feasibility study, continue through formation, and include full captive management services.

The Tribeca team includes captive managers, CPAs, attorneys, underwriters and other professional staff. Because of our turn-key approach, we are able to deliver efficient and affordable captive management services, and avoid the confusion resulting from multiple firms, each providing only a portion of the management service. Tribeca's services include:

Captive Formation
 

Feasibility Study

A feasibility study analyzes aspects of establishing an insurance company, which may include the following:

  • Identification and classification of insurance risk, and the analysis of different risk transfer solutions, including a captive
  • Overview of a plan to form and manage a captive
  • Summary of insurance coverage's, premium levels, risk retention amounts, capital and solvency allocation , and financial projections for a captive
  • Fronting arrangements (typically using licensed/admitted carriers) and reinsurance opportunities
  • Discussion of regulatory, accounting, and tax issues

Business Plan

  • Prepare a business plan that will detail the operation of a captive
  • Prepare a 5-year pro forma financial statement, including balance sheet and income statement

Licensing

  • Provide a focal point for all service providers
  • Prepare application documents to submit to the insurance regulators
  • Regular communication with regulators to discuss and obtain approval insurance license applications
  • Supervise the incorporation of the captive
  • File the insurance application, provide any requested additional information, and pay the licensing fees

Captive Management

Accounting

Prepare customized management reports.

Where required:

  • Prepare NAIC filings, or through coordination of services with retained professionals
  • Coordinate annual insurance company audits with outside auditors
  • Prepare and submit annual reports to  the insurance regulators

Tax

  • Prepare annual tax return
  • Calculate and process quarterly estimated payments
  • Prepare tax extension and related documents

Underwriting and Policy Issuance

  • Determine premium levels and coverage options
  • Underwrite insurance risks for each insured
  • Coordinate with actuary the ratings methodology 
  • Prepare documentation including applications, declaration pages, confirmation of coverage forms, policy forms, insurance binders, premium payment notices, and related documents
  • Review existing insurance documentation
  • Annual underwriting review
  • Coordinate with actuary and other professionals and service providers as required

Regulatory Compliance

  • Review and monitor brokerage, banking and financial statements
  • Quarterly financial review
  • Annual review of compliance with local insurance and corporate legal requirements
  • Periodic review of solvency, capital adequacy and asset allocation requirements
  • Prepare annual compliance reports

Claims

  • Claims management
  • Coverage review
  • Coordinate with legal counsel where necessary
  • Coordinate with TPA, where applicable
  • Annual report of claim settlements
  • Assistance with claims reserves and coordination with actuary

Corporate

Corporate governance, including items such as:

  • Communicate with registered  office
  • Communicate with registered  agent
  • Preparation of corporate minutes and resolutions
  • Coordinate general corporate  law matters and compliance where required

General

  • Communicate with key outside service providers (under direction of client), including, Auditor, Accountant, Registered Office, Registered Agent, Legal counsel, Investment Advisor
  • Monthly Client Memoranda
  • Regular discussion and updates  with clients

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