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BRS provides guidance,
assistance, and support to help private employer
groups complete all steps necessary for approval.
Feasibility
study – The captive
feasibility study includes an analysis
of the advantages and disadvantages, both
financial and operational, of forming a
captive insurance company. The feasibility
study will include an actuarial study,
pro-forma balance sheets, and income statements,
an analysis of which type of captive would
best serve the needs of the group and which
domicile would be most appropriate.
Business
plan – Working with member
representatives, BRS will help develop the management
structure, rating and billing plans, and underwriting
requirements. Groups must also select providers
for program administration, accounting, actuarial,
safety and loss control, claims adjusting, investment
management, excess insurance brokerage, and
others. A laundry list of additional action
items includes preparing governing documents,
coverage documents, an investment policy, and
forms required by the state.
State
filing – Shortly
after the feasibility study is completed,
BRS will meet with the domicile of choice
to outline the potential captives business
plan. Any requested changes to the plan
will be brought back to the group for
action. BRS will then begin the process
of finalizing the business plan and legal
documents for submission to the state.
BRS will then attend the final review
meeting with the state and complete any
final changes to the documents.
Most services are available
through BRS, while others, including brokerage,
investment management, and claims adjusting,
can be obtained from outside providers. Extensive
experience working with various professionals
and service providers allows BRS to make informed
recommendations and ensure that members find
knowledgeable and dependable providers.
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