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MANAGEMENT OF THE CAPTIVES OPERATIONS

MANAGEMENT OF THE CAPTIVES OPERATIONS. PRESENTED BY: CHARMAIN AGGARWAL BARBARA FAWCITT. 3 CYCLES OF OPERATIONS. FISCAL REPORTING CYCLE UNDERWRITING CYCLE MEETING CYCLE. FISCAL REPORTING CYCLE. Financial Reporting Audit Tax Filings Regulatory Filings.

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MANAGEMENT OF THE CAPTIVES OPERATIONS

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  1. MANAGEMENT OF THE CAPTIVES OPERATIONS PRESENTED BY: CHARMAIN AGGARWAL BARBARA FAWCITT

  2. 3 CYCLES OF OPERATIONS FISCAL REPORTING CYCLE UNDERWRITING CYCLE MEETING CYCLE

  3. FISCAL REPORTING CYCLE • Financial Reporting • Audit • Tax Filings • Regulatory Filings

  4. FISCAL REPORTING CYCLEFINANCIAL REPORTING • Timing of Reporting • Monthly, Quarterly, Annually • Duties for Reporting • Co-ordinate and receive records • Prepare management accounts • Financials and notes • Working papers and schedules • Distribute Management Accounts

  5. FISCAL REPORTING CYCLEAUDIT • Planning Meeting • Engagement Letter • Confirmations • Year End Loss Run • Year End Actuarial Report • Year End Tax Calculation • Year End Management Accounts • Audited Statements

  6. FISCAL REPORTING CYCLETAX FILINGS • Co-ordinate with Tax Consultant • Beware of Filing Deadlines • Big Penalties if missed • Examples of Filings & Payments • Quarterly Tax Deposits • 1120 Income tax returns • March 15 1120 filing extension • 720 FET returns

  7. FISCAL REPORTING CYCLEREGULATORY FILINGS • File Audited Statements • Inform filing • Email copy of audited statements • Deadline 6 months after Fiscal Year End

  8. FISCAL REPORTING CYCLE DECEMBER 31 YEAR END

  9. UNDERWRITING CYCLE Underwriting period may be different than fiscal period • Renewal • Loss Runs/Cession statements • Policies • Premium collection

  10. UNDERWRITING CYCLERENEWAL • Determination of Limits • Board Approval • Determination of Premium • Actuarial Funding Study • Reinsurance renewal • Pricing and Board Approval

  11. UNDERWRITING CYCLELOSS RUNS • Provided by a TPA annually/quarterly • Loss Runs tied to paids in FS • Year End losses tied to losses in Actuarial Report • Serious Claims Reports to Reinsurers

  12. UNDERWRITING CYCLEPOLICIES • Issuance of policies at beginning of underwriting cycle • Written by broker • Board Approval – executed by authorized representative • Cover notes • Receipt of Reinsurance policies • Reviewed by counsel/broker/manager

  13. UNDERWRITING CYCLEPREMIUM • Premium determined by Actuarial Funding Study • Distribution of Premium invoices (annual/quarterly/monthly) • Timely collection • Investment of incoming premium • Consideration of Premium Holiday • Timely payment of reinsurance premium • Consider if FET payable on premium ceded

  14. UNDERWRITING CYCLE - OCT 1 TO SEPT 31

  15. MEETING CYCLE • Governed by the Articles of Association • Frequency of Meetings • Meeting procedures • Manager will coordinate • Dates • Venue • Agenda • Meeting materials • Notices & Proxies • Auditor attendance

  16. MEETING CYCLETYPES OF MEETINGS • Board of Directors Meeting • Most Operating decisions and approvals made here • Proxy Meetings are acceptable if board can not meet • Annual General Meeting (AGM)/Shareholders Meeting • Auditor Appointments and Dividend approvals • Committee Meetings (Finance/Claims/Executive) • Sub groups created to perform certain tasks/make recommendations to the Board of Directors

  17. MEETING CYCLETYPICAL MEETING AGENDA • Approval of Prior Meeting Minutes • Appointment of Service Providers • Approval of Audited Financial Statements • Approval of Underwriting Limits/Premium/ Policies • Claims review • Investment review • Director and Officer appointments

  18. MEETING CYCLETYPICAL MEETING AGENDA Cont. • Risk Management Framework review • Business Plan review • Dividends • Review reinsurers ratings • Budget Approval • Legal Updates • Cayman Islands Updates

  19. MEETING CYCLE

  20. CAPTIVE CYCLES

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