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A Guide to Traversing the Captive Terrain Captive Insurance Times Domicile Guidebook 2017 3 Domicile Guidebook 2017 A guide to traversing the captive terrain Captive Insurance Times Domicile Guidebook 2017 3 Captives assemble Mark Dugdale Group Editor: Mark Dugdale [email protected] Group Editor +44 (0)203 750 6017 Deputy Editor: Stephanie Palmer The Domicile Guidebook was originally envisioned [email protected] as a newbie’s guide to the major captive +44 (0)203 750 6019 jurisdictions around the world. It would provide them with basic information, such as licensing Reporter: Becky Butcher requirements, in a succinct, digestible format. The [email protected] information, we believed, would be useful as a first +44 (0)203 750 6018 point of research. Contributors: Barney Dixon and Drew Nicol We believe that the realised Domicile Guidebook is all of this and more, but I want to discuss the Associate Publisher/Designer: John Savage process behind putting it together, which I think [email protected] will help you to understand the captive business +44 (0)203 750 6021 a little better, particularly if you are considering its solutions to your insurance needs for the first time. Publisher: Justin Lawson [email protected] During our work on the guidebook, it became +44 (0)203 750 6028 apparent that this was easier said than done. Information sources are scarce, because particular Office fax: +44 (0)20 8711 5985 jurisdictions do not market themselves as captive domiciles, and captive insurance is in a constant Published by Black Knight Media Ltd state of flux—domiciles are reforming their rules and regulations all the time, often without telling Black Knight Media Ltd anyone about it. Provident House 6-20 Burrell Row Luckily for us, captive insurance is full of Beckenham professionals who want to make the business as BR3 1AT, UK transparent as possible. The capital requirements Company reg: 0719464 of a particular domicile aren’t trade secrets that must be hoarded, but minimum standards that Copyright © 2017 Black Knight Media Ltd must be shared, to better inform applicants All rights reserved before they embark on lengthy and costly due diligence processes, while making regulators The views expressed in the Domicile Guidebook are not aware of the competition so that they can better necessarily those of the publisher, Black Knight Media raise their game. Ltd. No responsibility or liability is accepted by Black Knight Media Ltd for any loss to any person, legal or There are too many to name here (we have a physical, as a result of any statement, fact or figure dedicated acknowledgements page overleaf for contained in the Domicile Guidebook. that), but dozens of insurance departments and regulators, associations and service providers Images: Shutterstock answered our simple Q&A to form the basis for the majority of domicile profiles in these pages. www.captiveinsurancetimes.com Where no respondent was forthcoming, our in-house team, led by reporter Becky Butcher, conducted www.captiveinsurancetimes.com Captive Ad with bleeds.pdf 1 2/9/17 12:58 PM 4 Captive Insurance Times Domicile Guidebook 2017 SIGMA Actuarial Consulting Group, Inc. interviews and sought out information from third- Similarly, some domiciles show a predilection party sources, to build the best possible picture of toward a certain business, such as the Cayman certain domiciles and guarantee their inclusion in the Islands with healthcare, while others define guidebook. In these pages, we feature research and themselves entirely by their expertise in a insight into more than 50 captive domiciles, which is particular area of insurance, like Luxembourg and something that has not been achieved before. its reputation as a reinsurance giant. SIGMA Of course, we would have preferred to include Much more can be gleaned from these pages, and Is an Independent Property and Casualty Actuarial Consulting Firm them all. The most obvious omissions are from these trends help to form an idea in your mind as to the Middle East, but our research bore little in the how your captive will be treated by the powers that We provide a full range of actuarial consulting services and a way of useful information that we felt confident in be in each jurisdiction. putting to our readers. resource for meeting any property/casualty actuarial need. Finally, I’d like to say thank you once again to That’s not to say that the domiciles not featured everyone who helped us put the Domicile Guidebook here, of which there are very few, shouldn’t be together. We strived to ensure that everyone who We can assist you in the process of developing both traditional and considered for formations or redomestications, but provided us with information is mentioned in the alternative insurance programs for entities of all sizes and types. rather that they are encouraged to be a little louder acknowledgements, but if your name is missing, in their conversations with businesses seeking please accept my apologies. captive insurance solutions. Also, a project as massive as this will never be As you flick through these pages, you’ll notice without its errors or inaccuracies, but we have C SIGMA DELIVERS many trends, some which should be elaborated on. endeavoured to ensure that they remain as few as M Captive Feasiblity Studies Capital is an interesting one, because you will see possible. Feel free to contact me if you have any that minimum requirements differ across domiciles queries or questions. Y Loss Projections and regions. I hope you enjoy the Domicile Guidebook and find CM Reserve Analysis Some are set lower than the norm to attract insurers, it useful. There is also a glossary, which was kindly Cash Flow Analysis MY while others are set higher to discourage applications compiled and provided by Capstone Associated Confidence Interval Analysis from unsavoury applicants. Services Ltd. CY Statements of Actuarial Opinion CMY K Third Party Administration Services Third Party AdministrationSIGMA SERVES Services Property Claims | Liability Claims | Construction Defect Property Claims | Liability Claims | Construction Defect Captives | Motor Truck Cargo | Truck Physical Damage Captives | Motor Truck CargoCaptive | Truck Physical Managers Damage Subrogation | Run-Off Administration Subrogation | Run-Off AdministrationRisk Managers Brokers CFOs Auditors Regulators Public Entities Insurance Companies For more information, contact: Al Rhodes, ACAS, MAAA www.sextantclaims.com | [email protected] www.sextantclaims.comPresident | [email protected] 3310 West End Avenue | Nashville, TN 37203 | (615) 724-0049 3310 West End Avenue | Nashville, TN 37203 | (615) 724-0049 Division of Tenco Services, Inc. founded 1947 866.228.8279Division of Tenco Services, x202 Inc. founded [email protected] 1947 www.captiveinsurancetimes.com SIGMA ACTUARIAL CONSULTING GROUP, INC. | 5301 Virginia Way, Ste 230 | Brentwood, Tennessee 37027 VOICE: 866.ACTUARY | 866.228.8279 | WEB: www.SIGMAactuary.com Third Party Administration Services Third Party Administration Services Property Claims | Liability Claims | Construction Defect Property Claims | Liability Claims | Construction Defect Captives | Motor Truck Cargo | Truck Physical Damage Captives | Motor Truck Cargo | Truck Physical Damage Subrogation | Run-Off Administration Subrogation | Run-Off Administration www.sextantclaims.com | [email protected] www.sextantclaims.com | [email protected] 3310 West End Avenue | Nashville, TN 37203 | (615) 724-0049 3310 West End Avenue | Nashville, TN 37203 | (615) 724-0049 Division of Tenco Services, Inc. founded 1947 Division of Tenco Services, Inc. founded 1947 Captive Accounting Dragging you Down? Whether you are managing 10 captives or 100, your accounting needs are complex. Focus your attention on business CapSure development and customer service by outsourcing your Accounting captive accounting. includes: Introducing CapSure Accounting, a captive accounting • Statement of service built by captive managers. Financial Position CapSure Accounting uses enterprise-grade accounting • Statement of Income and treasury management tools to produce a • Statement of Changes in professional accounting package every time, Stockholder’s Equity while bringing you predictable cost and scalability. • Statement of Comprehensive Budget with confidence, and scale easily as your Income captives under management grow and multiply. • Statement of Cash Flows Go to www.capsureaccounting.com or call • Custom pages such as Surplus 770-845-6897 to learn more about CapSure Analysis Accounting today. You’ll see what the managers of 150 captives already know – CapSure simplifies captive accounting. www.capsureaccounting.com I 770-845-6897 Captive Insurance Times Domicile Guidebook 2017 9 Alabama Alabama is best characterised by its experienced regulators and stable, progressive captive environment. Benefits of domiciling in Alabama include the ability to obtain a 60-day provisional licence. There is a cap on premium taxes of USD 100,000, and no premium tax on dormant captives. Premium tax is also prorated in the first year of the captive’s operation and credits for exam fees are allowed to offset premium tax. Captives may form as any entity allowed under law in Alabama, including series limited liability companies, mutuals and not-for-profits. Initial capital may be in a wide array of assets, including cash, cash equivalents, bonds, stocks and letters of credit. The capital requirements for Alabama captives are as follows, but they can also be determined
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