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What To Include in a Captive Insurer's Claims Handling Procedures

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October 01, 2018

A new Captive Thought Leader Video featuring Lynn Sheils, senior vice president and general counsel of EWI Reinsurance, titled "What Should a Captive Insurer's Claims Handling Procedures Discuss?," is available in the Captive.com library.   

A captive insurer's claims handling procedures should discuss all stages that are in the life cycle of a claim, according to Ms. Sheils. The life cycle stages include how notice from parent to captive and notice by captive to excess insurers and reinsurers will be handled, investigation standards, coverage evaluation, reserving approach, and claim closure philosophy.

The claims handling procedures should include the protocol for educating the parent company when noticing claims to the captive. The captive should also have procedures on when it notifies excess insurers and reinsurers of claims. The investigation should be the standard investigation of a traditional insurer. Likewise, in evaluating coverage, the captive should act like a traditional insurance company. Reserves need to be set early, and they need to be accurate. Finally, the captive owner's (parent) handling of claims philosophy should be reflected in how claims are brought to closure.

(Ms. Sheils is pictured above.)

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