WHAT REGULATORS WANT. November 13, 2007. Disclaimer.
November 13, 2007
The opinions expressed in this presentation are the opinions of the presenters and should not be construed to represent all situations or options and required actions may vary substantially depending on the domicile. Contact your regulator for additional information.
Craig Watanabe, Hawaii
Shanna Lespere, Bermuda
Dean Wickens, Cayman Islands
Jeff Kehler, South Carolina
(1) Cordial “Meet & Greet”
(2) General inquiry and consultation
(3) Obtain consensus from Regulator to proceed with formal application process
(1) Be prepared to talk about the organizers. Proficient understanding and knowledge of parent company / organizers.
(a) Nature and scope of operations, financial position, ownership structure & corporate philosophy
(2) Be prepared to talk about proposed captive. Proficient understanding of proposed captive program
(a) Objectives of captive program (short and long term)
(b) Organizational structure
(c) Operational requirements (including major service providers)
(d) Funding approach
(e) Insurance/reinsurance program design/structure
(f) Timing requirements for implementation
c. Retain appropriate professional to coordinate & attend meeting (recommended)
d. Prepare any relevant questions for the regulator
Getting Your Captive Approved meeting (recommended)
Insurance licence confers responsibilities. meeting (recommended)
Captive's relationship with its regulator is different...
A good on-going relationship with your regulator is essential / fundamental / integral (delete as applicable).
What To Do When Things meeting (recommended)
This program fulfills 1/3 meeting (recommended)rd of the teleconference requirement for the completion of the Associate in Captive Insurance (ACI) designation. It also counts as 100 minutes of continuing education (2 CPE credits) for CPAs via ICCIE’s certification through the National Association of State Boards of Accountancy (NASBA), as well as 2 continuing education credits for ACI designation recipients. It also counts as 2 contact hours through the American Society for Healthcare Risk Management for the FASRHM and DFASHRM designations, as well as for CPHRM renewal.