Captive Insurance & Captive Insurance Company Services by WMS,LLC  Captive Insurance Management ,Captive Insurance Feasibility Studies , , Captive Insurance Underwriting , IRS Letter Rulings, Turnkey Captive Insurance Services

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Captive Insurance Services

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WMS provides One Stop Shopping for all your Captive Insurance Needs!

WMS provides a complete menu of turnkey Captive Insurance Company services from identifying the commercial property and casualty risks your Captive Insurance Company can insure to performing a comprehensive Captive Insurance Company Feasibility Study, Incorporating and Licensing your Captive Insurance Company  in the Domicile which best meets your needs, Operating and Managing your Captive Insurance Company, performing all Underwriting, Regulatory/Compliance Reporting, etc. WMS provides one point of contact for all your Captive Insurance Company needs. This allows us to provide you  a consistently high quality of service at the lowest possible cost, with no finger pointing!  Please see a detailed list of our turnkey Captive Insurance Company Services below.

Step One - Client Consultation

During an initial telephone consultation we can usually determine if a Captive Insurance Company makes sense for your business. The initial consultation takes around 30 minutes and is free of charge. The initial telephone consultation should also include your legal, tax and accounting professionals.                     

Step Two - Captive Insurance Company Risk Analysis

WMS will analyze your current risk exposures and existing coverages in order to identify risks which are currently uninsured, uninsurable, under insured, or uneconomical to insure with traditional insurers. These risks are ideal candidates for insurance by a Captive Insurance Company

Step Three - Captive Insurance Company Feasibility Study

The first step to owning your own Captive Insurance Company, begins with a a Captive Feasibility Study from WMS. Each Captive Feasibility Study  we performs is custom tailored to meet our client's individual needs. Your customized Captive Feasibility Study will include:

       Documentation of your Captive's Business Purpose

       Documentation of Your Captive's Business Purpose

       Select the Domicile in which your Captive will be formed and operated

       Selection of the best type of captive for your needs (i.e. Pure or Single Parent, Group, Association, etc.)

       Documentation of the best ownership structure for your Captive

       Documentation of the initial Capitalization level for your Captive

       Identification of the Insurance Lines, Limits, Policy Forms, Rates, Rules and Loss Costs  your Captive will use

       Assist you in arranging reinsurance for your captive (i.e. Large National Front Insurer/Reinsurer)

       5 Years of  Pro Forma Financial Statements for your Captive

Step Four - Captive Insurance Company Creation and Licensing

  • Retain Registered Agent/Office for Captive in selected Domicile
  • Incorporate, Organize, and Register the newly created Captive in domicile
  • Assist your CPA who will obtain a Federal Tax ID# for your Captive
  • File IRC Section 953(d) election to be taxed as a domestic US Corporation (Mandatory if Captive is foreign corporation)
  • Prepare & File the Captive's Insurance License Application with Insurance Regulators in Domicile
  • Pay all Registration, Application, Licensing, Annual Report and other Regulatory Fees for Captive

Step Five - Captive Insurance Company Operations and Management

  • Provide all Underwriting required by Captive including all Policy Forms, Rates, Premium Calculations, Rules and Loss Costs
  • Verify Captive Premium Pricing with Third Party Underwriters and/or Actuaries
  • Provide all Policy Issuance, Renewal, Cancellation and Administration in Domicile
  • Perform all Premium Invoicing, Collection and Deposits
  • Accept all contracts on behalf of  Captive
  • Perform all Claims Administration for Captive
  • Contract with and Compensate All Third Party Consultants and Service Providers (a.k.a. CPA, Actuary, Attorney, Investment Advisor, etc)
  • Maintain the Captive's corporate books and records and perform all required corporate house keeping in domicile
  • Prepare and File all Insurance Regulatory/Compliance Reports
  • Pay annual  Regulatory Fees
  • Perform Periodic Solvency Margin & Minimum Capitalization Analysis to ensure compliance
  • Assist CPA Firm in their Preparation of the Captive's Annual Financial Statements 
  • Perform ongoing Interface with the Insurance Regulators in Domicile 
  • Monitor and Respond to Legislation and Regulatory Pronouncements
  • Captive Shut Down and Wind Up Activities (at end of captive's useful life)
  • WMS can also act on your behalf to request a Private Letter Ruling or Determination Letter from the IRS in order to determine the specific tax tteatment your Captive and its affiliated insureds will receive from the IRS.An IRS Letter Ruling can substantially reduce the tax risk associated with owning and operating a Captive Insurance Company.   Learn more

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