The Next Step

Note : the time frame to form a captive is 4-10 weeks

1. Choose captive domicile and name for the captive (Please see domicile selections). The name need not be indicative of the type of insurance offered, but the name must be approved by domicile regulator and will not be approved if it is considered too similar to an existing insurer.
2. Negotiate with fronting company to establish policy wording, claims handling, reinsurance, etc.
3. Determine ownership structure (direct, holding company, trust, etc.)
4. Determine captive type - pure (restricted), third party (unrestricted), SPC, rent-a-captive, agency captive, etc.
5. Determine level of authorized capital and level of 'paid-in' share capital (minimum authorized capital $50,000)
6. Determine composition of the board of directors
7. Collect following documentation for submission:
   1. Personal questionnaires for each director and officer
   2. 3 references for each director and officer - one financial, one character, one other
   3. Certified copy of each director's and officer's passport or driving license with photo
   4. Sworn affidavit of no convictions for each director and officer;
   5. Corporate information such as two years of audited accounts, marketing brochures and general background information for submission and
   6. Two to five years of claims history.
8. Determine identity of company secretary and any other officers - ATLAS will act as assistant secretary as required. All other officers will be required to provide the same information as in item 7.
9. Set up of a bank account and structure of mandate
10. Agree the management fee
11. Determine investment strategy for the captive
12. Prepare business plan, five year financial projections, etc.
13. Submit completed application and supporting documentation