MIJS’s captive clients are business owners who choose to take control of their risk management processes by insuring risks via our captive program which are either too expensive or non-existent commercially. By doing so, the insured business has the ability to tailor coverage that specifically addresses each insured’s true risk exposures. This allows the insured business to not only dictate policy terms and conditions but to also retain greater control over the claims process.
Before formation of a captive insurance company, MIJS first conducts a feasibility study, at no charge to the client, to determine whether the implementation of a captive insurance program makes sense. As part of the feasibility study, MIJS will underwrite coverages, recommend limits and reinsurance, provide actuarially determined premiums for each recommended line, as well as recommend a domicile for the proposed captive. If after reviewing the feasibility study the client decides not to pursue the captive, or it is determined that a captive is not feasible, the client will not incur any costs associated with the feasibility study.
If the client and MIJS agree that a captive makes sense, our team of attorneys and insurance professionals will begin the application process which includes drafting corporate formation and governance documents, preparing a business plan and related documents to be submitted to the department of insurance, as well as policy drafting. MIJS has made the choice to only form and manage captives in US domiciles with regulatory environments that employ strict regulatory standards but are also customer friendly and responsive.
After the captive is approved by the department of insurance, MIJS will handle all aspects of captive management including, but not limited to, the production of quarterly financials, preparation of annual filings with state and federal regulatory agencies, policy drafting, reinsurance, and claims resolution.