generally anticipated. It is crucial to understand and adhere to these steps meticulously, as they lay the groundwork for a successful and compliant captive insurance company. Operation: Captive Manager’s Responsibilities: • Bookkeeping and Accounting • Regulatory Filings and Compliance • Corporate Compliance (board meetings, minute keeping) • Claims Management • Coordinating services of Attorney, CPA, Actuary, Underwriter, and Asset Management Advisor The responsibilities of a captive manager encompass several key areas. Firstly, they are entrusted with the task of diligently managing the bookkeeping and accounting functions, ensuring accurate financial records are maintained for the captive. Furthermore, regulatory filings and compliance form a crucial part of their role, as they navigate the complex landscape of insurance regulations and ensure adherence to the applicable laws. Another aspect of their responsibilities involves overseeing corporate compliance, which entails organizing board meetings and meticulously recording minutes to ensure transparency and accountability. In addition to these core responsibilities, a captive manager plays a pivotal role in claims management, efficiently handling and processing insurance claims. They act as a bridge between the insured parties and the captive, facilitating a smooth claims resolution process. To effectively carry out their duties, a captive manager must coordinate the services of various professionals such as attorneys, CPAs, actuaries, underwriters, and asset management advisors. By leveraging the expertise of these specialists, they can optimize the captive's operations and enhance its overall performance. Captive Attorney’s Responsibilities: • Drafting forms for all insurance policies issued Moving on to the responsibilities of a captive attorney, their role primarily involves drafting the necessary forms for all insurance policies issued by the captive. These forms serve as legal instruments that outline the terms and conditions of the policies, ensuring clarity and legal compliance. Additionally, captive attorneys are responsible for drafting corporate resolutions, which are essential documents that establish the decisions and actions taken by the captive's board of directors. They also handle federal tax compliance matters, ensuring the captive meets its tax obligations in accordance with the applicable regulations. CPA’s Responsibilities: • Corporate Resolutions • Formation of C-Corp.
• Annual audit of the financial statements • Annual tax return preparation and filing
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