Claymore Insurance Management Ltd
Insurance Management Services
We provide a complete range of management services for captive insurance companies and captive reinsurance companies . Claymore also acts as local manager for overseas insurance companies writing insurance business in the domestic TCI market.
Formation of an insurance company in TCI is a straightforward exercise and we normally expect to complete an application within [two] weeks of the initial inquiry provided that the client is able to submit the necessary details in a timely manner. It is essential that an application be complete and that the essential attachments are included in the package prior to submission to the regulatory authorities.
We attend to all components of the application including checking the corporate papers for conformity with insurance law. In most cases we prefer that the incorporation of the company be carried out by our associated company Claymore Corporate Services Ltd.
An insurance company may be an exempted company (provided that it does not intend to carry on domestic insurance business) and the confidentiality laws apply to the information given in respect of application. However the owners and/or beneficial owners must be disclosed to the regulatory authority and the law requires that all shareholders, directors, officers and key personnel complete notarised biographical affidavits.
It generally costs less than [$10,000] to form the company and obtain a license (including all Government fees and service fees). The annual cost of maintaining an insurance company will normally be less than [$15,000] for the basic work and regulatory compliance requirements. Depending upon the scale of the company and the volume of business handled we normally estimate that operating costs will run between 3% and 8% of premium value per annum. Organisational costs for a restricted reinsurer (”PORC”) will be roughly [$3,500] and the annual operating cost about [$3,500]. Handling policies and treaties will mean additional fees which are normally expressed as a percentage of premium.
The insurance laws in TCI are widely recognised as innovative in their approach. The law permits the creation of purpose designed insurance programmes to fit the precise needs of the captive client. We have developed models to suit associations or affinity groups and will be pleased to forward suggested structures upon request.