Insurance Management
Belmont’s aim is to provide management services that are carefully tailored in each case to the individual requirements of the captive and its parent. To achieve this we work with other professional advisers and service providers such as risk managers, brokers, fronting insurers, reinsurers, accountants, actuaries and lawyers. As an independent captive manager, Belmont does not have an allegiance to any one broking firm or insurance provider. In addition to the management services provided locally in the BVI, Belmont has ready access to the international advice through other independent member firms of Baker Tilly International, who can provide specialist advice in areas such as taxation.
In setting up a captive insurance company the choice of domicile is an important consideration. The Insurance Act 2008, which governs all insurance-related business in the territory, ensures the prudent supervision that is necessary to maintain the financial reputation of the BVI but also allows the greatest degree of flexibility in a captive’s business plan.
Solutions:
- feasibility studies
- business plans
- completion of the licensing application
- resident Insurance Manager
- provision of a principal office
- ongoing compliance reviews
- claims administration and loss control
- accounting services and maintenance of proper books and records
- liaison with actuaries, auditors, tax and legal advisors
