Services
Captive Management
Making the right risk financing decisions is a critical part of being a responsible business leader. Concordis Group’s Captive Management team specializes in the formation and management of captive insurance and reinsurance companies.
The Concordis 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. Our services begin with the initial feasibility study, continue through formation, and include full captive management services.
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