Forming and Operating a Captive
9 CPE credits are available for the successful completion of this course.
This course explores the legal environment facing captive insurance companies and addresses factors that directly impact the formation of new captives and those that may impact the ongoing effectiveness of captives as risk management tools.
A feasibility analysis, although not a legal requirement in all captive domiciles, provides a prospective captive owner with an analysis of the planned captive’s organizational structure, domicile selection, and the risk management purpose of the captive. The success of a captive domicile depends on whether it allows insureds to achieve their risk financing objectives. Domicile infrastructure, including the regulatory framework, is both a result of the captive’s legal environment and a determinant of domicile success.
The directors of a captive are responsible for whether the company achieves its business purpose. Directors appoint a management team to carry out the different insurance company functions. The captive’s service contracts and underwriting documentation must support the captive’s business purposes and will provide evidence of whether the captive is legally involved in writing insurance. The captive’s financial records, whether for internal or external purposes, must provide adequate information to allow directors and regulators to assess the captive’s financial strength. Captive meetings and reports can be used to support the captive’s risk management purpose. Participants will explore how the captive may be in compliance with all applicable laws. Participants in this course will examine:
- What determines domicile choice
- Information requirements of a feasibility study
- Regulations that impact the management of captives
- Solvency and liquidity ratios
- Required organizational documents and filing procedures
- Taxation of captives
- Ongoing responsibilities of directors
- Required underwriting documentation
- Required records and captive policies
- Reports and filing requirements
- Board reporting requirements
Fall Course begins in October 2016
Instructors: Chaz Lavelle & Anne Marie Towle
In addition to self-paced reading and assignment work, students will be required to attend six webconference sessions and complete two weeks of follow up assignments.
Registration Deadline: Wednesday, September 21, 2016
Webconference one, Wednesday, September 28th, from 2:30 - 3:45 p.m. ET
Webconference two, Wednesday, October 5th, from 2:30 - 3:45 p.m. ET
Webconference three, Wednesday, October 19th, from 2:30 - 3:45 p.m. ET
Webconference four, Wednesday, October 26th, from 2:30 - 3:45 p.m. ET
Webconference five, Wednesday, November 2nd, from 2:30 - 3:45 p.m. ET
Webconference six, Wednesday, November 9th, from 2:30 - 3:45 p.m. ET
For further details please contact ICCIE at 802-651-9050.
To see when this course will be taught again go to the course schedule page.