Services
Our highly skilled and experienced industry professionals, both local and international, enable us to deliver comprehensive captive insurance solutions across virtually all market sectors.We manage every stage of the formation process in partnership with our clients and have extensive experience and expertise in all aspects of managing and running captive insurance companies.
Our comprehensive range of services can be divided into two key phases in the lifecycle of the captive:
- the formation process
- the ongoing management and administration functions
Stage 1: The viability study
The first stage is to establish whether your company will benefit from implementing such a structure by conducting a Viability Study. Kane will carry out an assessment of the financial and operational standing of your organisation to ascertain whether the captive makes financial sense. Carried out free of charge, with minimum disruption and in a short timeframe, the Viability Study will establish quickly if the captive option is for you.
Stage 2: The feasibility study
If the Viability Study confirms that the captive will add positive value to your business, the next stage is to conduct a detailed Feasibility Study. During this process, Kane will produce a comprehensive business plan for establishing the vehicle. The study will also identify all set-up costs, regulatory and capital requirements, taxation issues, statutory expenses, recommended domiciles and help establish the operational parameters for the captive.
Stage 3: Registration and licensing
The final stage in the establishment process is to register and license the vehicle. Kane will manage every aspect of the incorporation and registration process, from the reserving of the preferred name for the captive right through to the final submission of the pre-incorporation documents. To ensure strict adherence with all regulatory requirements, we will meet regularly with the relevant regulators at all stages in the formation process.
Ongoing Management and Administration
Once the registration process has been completed and the captive is up and running, our focus turns to the ongoing management and administration of the vehicle. This process can be broken down into five main functions:
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Company Management and Administration>
- Underwriting and insurance technical support
- Claims administration, payment and reserving
- Budgets and forecasts
- Liaise with reinsurers/brokers/claims managers/underwriting agents/legal advisers
- Premium collection and payment and premium allocation
- Reinsurance recoveries
- Manage cash funds and cashflow
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Corporate Services>
- Issue of share certificates
- Maintaining the captive’s statutory books and records
- Board meetings: preparation of board packs and minutes
- All other secretarial requirements
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Regulatory Compliance
- Submission of annual regulatory returns
- Monitoring of solvency margin and other statutory requirements
- Ongoing liaison with the insurance regulator including notification of changes
to the business plan
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Insurance Management and Claims Handling
- Underwriting services
- Issue of policy documentation and reinsurance documentation
- Claims management and administration
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Financial Services
- Opening and maintenance of bank accounts
- Investment management and liaison with investment managers
- Financial reporting and general accounting
- Liaison with the captive’sauditors
a comprehensive understanding of their individual aims and objectives. Only by gaining this level of understanding can we successfully tailor an effective self-insurance strategy.