ServiceStandards

August 05, 2014

For specific servicing standards to be addressed in the management contract, these should be tailored to a captive's particular needs and wants. Captives vary from each other because of different needs of the various stakeholders, so no one answer fits all situations.

Developing a list of needs begins with what is expected in your business plan. The initial business plan is created by captive owners to fulfill the needs of the regulators. However, it also can be the outline of your captive's business purpose. In it there will be many business items that need to be monitored and followed, and these become the basis of determining your needs and wants. Once identified, we recommend that the captive owner discuss this with their captive manager, and mutually determine the appropriate response protocols, especially within the confines of the annual management fee.