Application and Licensure

Having formed a large number of captives over many years, in multiple domiciles, the principals of Risk Services have the insight and knowledge to proactively address the issues that regulators and independent reviewers may raise when reviewing an application.

Our application and licensure services include:

  • Consulting with the organizers of the proposed captive to develop a structure that is optimal to the captive program’s success.
  • Preparing the Captive Application for Admission in a manner that avoids delays in the regulatory approval process.
  • Acting as liaison between the organizers of the proposed captive and other service providers, such as its actuary and attorney, to develop and review the documents included in the application package (e.g. Biographical Affidavits, Feasibility Study, Articles, and By-Laws).
  • Acting as the primary contact for domiciliary Captive Insurance Division with respect to questions raised in review of the application.
  • Working with the client’s attorneys to incorporate the captive and obtain the required Certificate of Authority to transact insurance upon approval of the Captive Application for Admission.
  • Working with the captive’s domiciliary bank to set up accounts and facilitate the captive’s initial capitalization.

Multi-State Registration and Premium Tax Filings

Our expertise in registering RRG clients in all 50 states and the District of Columbia, and our familiarity with the individual state requirements and nuances is unmatched.

Let us help you:

  • File the Captive Application for Admission and other necessary documentation with the various state insurance divisions in states in which the RRG intends to conduct insurance business.
  • Prepare and file premium tax returns in applicable states.

Financial Management and Regulatory Compliance

Once your captive is licensed operational, the emphasis turns to day-to-day financial and regulatory management. Risk Services prides itself on its ability to meet all of the captive’s ongoing needs, including:

  • Acting as the approved captive management firm and providing a domiciliary home office, if necessary.
  • Serving as officers and directors for the captive, as requested.
  • Maintaining all accounting and regulatory records as required by the regulatory authorities.
  • Preparing quarterly and annual financial statements and supporting schedules, as required by appropriate regulatory authorities, including custom-designing databases to meet the exact reporting requirements of each of our clients.
  • Checking all financial and regulatory documents produced by our office through a quality control process reflecting the “Big 4” CPA audit background of our senior staff, which ensures that all documentation originating from our office is complete, accurate, and timely.
  • Preparing the NAIC Quarterly and Annual Statements to be filed with the domicile state, the NAIC, and additional states where the captive has registered.
  • Providing cash management services, such as the issuance of checks, making of deposits, and execution of wire transfers.
  • Coordinating year-end audits with the captive’s independent auditors and providing them with auditable working papers.
  • Assisting in determining the appropriate quarterly estimated tax payments to the IRS.
  • Coordinating annual loss certifications with the captive’s independent actuarial firms.
  • Insuring the smooth flow of information between parties impacting financial management of the captive.
  • Acting as liaison between the captive and the domiciliary Captive Insurance Regulator and working with examiners during examination.
  • Providing regulatory compliance services with the domiciliary state and any states in which the captive conducts business.
  • Preparing for the domiciliary-based annual board meeting.
  • Preparing a package for all directors and officers attending the annual board meeting, and making presentations at such meetings, as requested.