The core functions involved in captive management are carried out by the respective domicile. Willis has teams of professionals qualified and experienced in each of the relevant disciplines, which include:
- Insurance
- Accountancy
- Company Secretarial
- Corporate Governance
These core functions are carried out in the domicile in order to comply with the requirements of the Regulator, and demonstrate that the captive has a true domicile base and identity.
Every client has access to a qualified insurer (Associate of the Chartered Insurance Institute or better), a Chartered Accountant and are supported by a number of experienced administrators. The office has a support infrastructure including a Compliance Officer, a dedicated IT unit, corporate secretarial expertise and a fully trained Money Laundering Reporting Officer.
Willis has established relationships with the Regulators in each domicile, all major (and many minor) fronting insurers and reinsurers, broking houses etc. to facilitate the smooth and effective administration of your captive insurance program.
Willis also has established relationships with all major banks, investment managers, legal advisers, and auditors etc. to ensure the smooth running of the company.
Whether management requirements are for a cell, PCC or captive, Willis has a team of dedicated professionals available.
Insurance Management
- Captive development and program design
- Underwriting
- Premium administration
- Policy documentation
- Claims handling, administration and reporting
- Liaison with insurance and reinsurance brokers
- Maintaining underwriting accounts and statistics
Accountancy
- Management accounts
- Group consolidation reporting
- Statutory annual accounts
- Full accounting documentation including budgets and cash flow statements
Company Secretarial
- Compliance with local regulations
- Provide registered office (if required)
- Act as General Representative
- Maintenance of corporate records
- Notice and Minutes of directors meetings
- Preparation of board papers
Corporate Governance
Subject to regular independent review and audit, compliance with the Licensed Insurer's Code of Conduct through the production and maintenance of a Framework including:
- Procedure Manual
- Key Risk and Control Matrix
- Schedule of Key Actions
- Act as Compliance Officer
- Act as Money Laundering Reporting Officer
Banking and Investments
- Cash management
- Monitoring of investment managers (if appointed)
- Monitoring currency exposures
- Authorization and payment of expenses
Captives: What We Think
Download featured publications:
All Captives Publications
Willis In History
Did you know Willis was the construction broker for the Hong Kong Airport at Chek Lap Kok, one of the world's largest reclamation operations of its time where the surrounding waters were filled in to form a new man-made island?