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Castletown Insurance Services Limited is able to offer a comprehensive service or a number of selected services to captives, insurers, reinsurers and general insurance intermediaries. These are tailored to meet clients’ specific requirements and may include the following:
Preparation of Business Plan
One of the earliest considerations of clients. We will work directly with the client or with their intermediaries to ascertain whether a captive or other insurance facility is feasible and whether it will meet the client's requirements. We can quickly prepare business plans with a variety of parameters for the client's consideration. If the programme is considered feasible, we will prepare the final business plan, ready for application for a licence.
Incorporation and Licensing
Once the programme has been structured and agreed upon, we will arrange formation of the company and undertake the role of obtaining a licence. This will include assembling all the information, completing and submitting the required forms to the Insurance & Pensions Authority and Isle of Man Companies Registry.
Redomiciliaton
We can arrange redomiciliation to the Isle of Man of a Company existing in another jurisdiction.
Directors and Company Secretary
We would recommend that the majority of Directors are based on the Isle of Man. Individuals can be provided by Castletown Insurance Services Limited with the required experience. If preferred, we can recommend a number of individuals with relevant experience that would provide excellent local non-executive Directors.
Underwriting and Claims Services
Running insurance companies is at the heart of our role. This is why our team boasts a number of Chartered Insurers.
The following tasks are undertaken within this role:
- review of underwriting proposals, risk assessment, premium calculations;
- issue of cover notes, debit/credit notes;
- service of reinsurance programmes;
- preparation/review of policy documentation;
- premium settlement;
- preparation/review of reinsurance cover notes, agreements and addenda;
- claims handling and settlement: Individual or by bordereaux;
- statistical analysis of underwriting results;
- liaison with client risk managers, brokers, claims adjusters, consultants and advisers.
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Accounting/Treasury
Strong expertise in this area is vital to the management of insurance companies. We have a strong, qualified Accounting Team, with good IT systems that offer the required expertise in the following areas:
- Preparation of management accounts as required by the Client’s Board;
- Quarterly statutory accounts for submission to the Isle of Man Government Insurance and Pension Authority;
- Annual financial statements and supplementary information;
- Accounts and/or reports to the Parent Company, tailored to suit each individual clients’ requirements;
- Arranging investment of funds within the mandate laid down by the Client’s Board. If a fund manager is employed, liaising with the fund manager selected by the Board;
- Liaison with the Client’s auditors and/or advisers.
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Board Meetings
These are the forum for the Board to discuss the results of the Company, consider renewal and make decisions as to the running of the Company. We will arrange these meetings, prepare and issue a Board Pack with all the information that the Directors require to evaluate the Company's progress, host Board Meetings and prepare and circulate the minutes of meetings.
We pay particular attention to these important meetings and ensure the timely distribution of all documentation to ensure the directors have sufficient time to prepare for the meeting.
Corporate Secretarial
We ensure a client meets its statutory obligations and complete statutory returns in a timely manner. We keep up-to-date company registers with complete records of the activities of the company and minutes of meetings.
Corporate Governance/Compliance
Corporate Governance continues to be an important factor for international groups and their captives. Castletown Insurance Services have relevant procedures in place and a member of staff dedicated to Compliance to ensure standards are maintained. We are able to provide a Money Laundering Reporting Officer to serve on the Captive. We have experience with the running of audit committees and carrying out risk assessment reviews on behalf of Clients.
Development Proposals
Working directly with clients, their risk manager or broker, we aim to offer a “value-added” service to clients, bringing to bear experience we have gained, to enhance the effectiveness of the Client Company.
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