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Role of the Insurance Manager
A captive will be required to retain the services of a licensed Insurance Manager. As the Insurance Manager we can provide a variety of services central to which will be the maintenance of the licensee’s corporate, statutory and financial records.
The Insurance Law places an Insurance Manager under a strict obligation to use his best endeavors to carry on insurance and reinsurance business only with insurers of sound reputation and in the event that he feels cause for concern regarding the probity or soundness of any insurer or reinsurer with whom he is carrying on business, he must report that fact.
We are a licensed Insurance Manager and we provide a range of captive management services which can be tailored to meet our client's needs, including:
- Incorporate companies in accordance with the Companies Law (2004 Revision).
- Prepare or assist with the license application, in accordance with the Insurance Law including the Business Plan
- Maintain the accounting records.
- Produce unaudited financial statements at least on a quarterly basis.
- Liaise with the auditor to assist the efficient completion of the Company’s audited financial statements.
- Monitor investment returns and/or make investments, as requested.
- Prepare statistical analysis (e.g. loss triangulation) and reports (e.g. budget comparisons or projections) as required.
- Liaise on a regular basis with the Cayman Islands Monetary Authority (“CIMA”), which is the regulatory body for insurance business and ensure any informational or obligatory filings are made to the CIMA and the Registrar of Companies.
- Issue notices of meetings of shareholders, directors or any committees. We will attend meetings, and draft and circulate resultant minutes, as required.
- Attend to the day-to-day activities of the company. This may extend from arranging meeting accommodations to liaising with the company’s other consultants (e.g. lawyers, brokers, investment advisers, claims assessors, actuaries, tax professionals, etc.)
- Provide registered office facilities, as required under the Companies Law (2004 Revision). This includes displaying the company’s name outside our office, acceptance of service of suit, filing of any changes of directors and officers with the Registrar of Companies and filing the annual government return in January of each year.
- Maintain the minute book of the Company, complete with all statutory registers (registers of members, directors, officers and charges).
- Provide officers. Normally this would be confined to providing the Secretary or Assistant Secretary of the company. The officer’s duties commonly consist of executing documents within the Cayman Islands under the specific authority of the directors, issuing notices of meetings, certifying corporate documents and executing any filings that may be called upon to make the Company comply with the Companies Law.
- Banking facilities.
- Full investment services are available through other Group companies specializing in providing investment advice and management of insurance company assets. Group companies are able to produce tailor-made investment programs for any particular client.
