Captive boards should be vigilant about surveying the environment to identify threats. Early identification and discussion around such matters can help a captive board determine whether future study and/or action is advisable or if the board will add the item to a watch list to be monitored.
Routine maintenance on your captive insurance company is important, just like it is on your car. To gain a holistic view of your captive's performance and evaluate the need for change, captive owners should ask themselves these 6 questions when they are seeking to optimize their captive.
Part of a captive insurance manager's responsibilities involves overseeing claims handling protocols for its clients. Since claims are typically the largest cost of running a captive insurer, it is important that the captive insurance manager encourage clients to consider this aspect of the captive's operations early in the formation process.
Captive insurance companies should be in a continual process of evaluation, and captive owners should continually be reviewing and evaluating their captive program's exposures, coverages, and limits of liability to determine how these impact the capital in their captive, according to captive experts.
Kevin Doherty of Dickinson Wright PLC says that the captive industry is full of innovators and captives are continuously innovating. According to Mr. Doherty, some of the more interesting concepts that have emerged involve the use of cell structures.