Captive.com logo

Captive Insurance News

Corporate Governance: Free Survey Report

Corporate Regulation and Governance in Captives

A FREE 24-page special survey report from Captive.com

Delve into captive insurance governance matters including board attributes, board structure, and board accountability. With 30 years of insurance experience from the auditing, regulatory, and management side, Derick White, managing director of corporate governance and regulation for Strategic Risk Solutions, offers key insights into captive board governance.

Show Me My Free Survey Report

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

lynn_sheils_fullframe_notext_SF
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.)

Related Videos


Captive Insurance Company Reports
Follow Captive.com on Twitter

Twitter Feed