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Business Plan For Captive Insurance Company

by Danial
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Table of Content

  • Executive Summary
  • Introduction
  • Definition of Captive Insurance
  • Types of Captives
  • Captive Roles 
  • Impact of Australia’s DOFI legislation on the company decision
  • Addressing the ‘Admitted’ vs. ‘Non Admitted’
  • Australia
  • Guernsey
    • Guernsey Plus-side
    •  The Non-EU Status of Guernsey
    •  The Advantageous Legislative Design
  • Bermuda
  • Singapore
  • Conclusion & Recommendation
  • A class of insurance that the captive can’t cover
  • References

Executive Summary 

This report on opening a captive insurance company by an Australian business strives to zero-in the most favourite captive location out of the four provided domiciles. It introduces the topic of captive insurance by referring to the economic ups and downs and increasing premium rates charged by commercial insurance companies as a reason why the trend of captive insurance is catching up. The introduction section identifies captive insurance and stresses the need for different business risks to be covered.

Along with the type of insurance business undertaken by them, with different captive roles, various types of captive insurance are described. As the business group is Australian, the report discusses the impact of Australia’s DOFI legislation on the fairness of the company’s decision to operate a captive unit in preferred locations, including Australia, Guernsey, Bermuda, and Singapore, for the company’s insurance needs. In addition to evaluating each listed domicile destination, numerous similar sub-topics such as ‘Admitted’ and ‘Non-Admitted’ are addressed so that the most suitable domicile is finalised.

Other domiciles are discussed in detail, starting with Australia. Guernsey takes the lead because the long-term strategic risk management planning for an Australian conglomerate keeps maximum favourable points in mind. It concludes by pointing out the distinction between captive insurance undertakings and other insurance undertakings, as captive insurance undertakings cannot cover such insurance coverage.

Business Plan For Captive Insurance Company

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