Steps to Create a Captive

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General Requirement For Formation- The submitted application should include the following:

  • Completed biographical for each officer and/or director
  • Plan of operation
  • Pro forma financials for the next five years
  • Proposed charter and by-laws
  • Actuarial analysis
  • Loan agreement
  • An independent valuation of a subsidiary may also be required
  • Plan of Operation
  • The plan of operation submitted with the License Application must include an actuarial report or feasibility study prepared by a qualified independent actuary. The content for the plan of operation is set forth in the Application Form. Any proposed changes to the plan of operation subsequent to licensing shall be submitted to the Superintendent thirty days before becoming effective.