The potential scope of this engagement is envisioned to possibly encompass the following phases: 1.4.1 Phase I Implementation (Pre-Regental Approval) Fully develop captive business plan and prepare financial proformas: Captive structure and domiciles(s) Insurance product and program selection short- and long-term strategy identify fronting partners project financial performance of each product and program Administration services underwriting loss prevention claims management risk consulting services Assist with presentation of captive business plan and financial proformas to Regents for approval 1.4.2 Phase II Implementation (Post-Regental Approval) Hold meetings with domicile regulators Select local Service Providers Submit Application Receive approval from domicile regulators Finalize legal documentation License entry Schedule first Board Meeting Prepare to issue policies 1.4.3 Phase III Captive Management Engagement Pending Regental approval, the selected Captive Implementation and Management Service company will provide services such as the following: Act as Principal Representative in Domicile Coordinate activities of Domicile legal representatives, brokers, actuaries, and other service providers Provision of Financial Services Preparation of Financial Statements and Forecasts Year end audits Statutory filings Treasury Service Activities Financial transactions Monitoring and processing cash and investment activities Assisting implementing of with collateral requirements: LOCs and trusts Insurance Services Policy documentation Mid-term endorsements Claims handling Business Development Periodic reviews of captive utilization and development possibilities No additional specifications were given.
