Network with Captive Review on LinkedIn

Follow Captive Review on Twitter

RSS

15th of May 2012

Exam costs a ‘hidden fee’

Matthew Broomfield 03/10/2011

Captive exam fees can be costly in many growing US domiciles where the examinations are outsourced.
 
Outsourcing can work well for some domiciles but can be very costly with exam fees being very high, said Daniel Towle, director of Financial Services at the Vermont Department of Economic Development. Towle added that Vermont has 28 regulator staff working on captives but is hiring up to 32.
 
Ellen Charnley, office head of the Hawaii Captive Management operation, agreed that exam costs can be a hidden fee. Charnley said that Hawaii had its own examiners, which she said wasn’t typically the case with emerging US captive domiciles.
 
“The others don’t have the examining staff to do the examinations. When they outsource the exam of the captive it can be pricey,” said Charnley.
 
The discussion occurred during a session at Captive Live USA, during which someone from the audience described the possible costs of such examinations as “astronomical”.

Tags: Hawaii, Vermont Captive Insurance Associ

Post a comment

Post a comment

Be the first to comment on this article!

Captive Insurance Database (CID)is the world's most comprehensive online source of captive market intelligence.

CID gives users instant access to the names of parent companies who currently own a captive. It also provides the names and contact details of captives’ risk managers, as well as the parent or ultimate parent companies’ address, country, CFO, CEO, and exchange.

CID also gives you the captive name, manager, licence and incorporation date and the type of captive the parent company is running.

CID will help you to:

•    Win more business proactively – Search from 5,700 captives and over 3,700 captive owners who you can offer your services to.


•    Increase profit and efficiency – Target specific captive owners and sponsors quicker, saving you time.


•    Build relationships
Access detailed contact information for each decision-maker. 

An annual CID licence costs just £1,195 + VAT.

Already a CID user?Login here.

Order a 2 year subscription and SAVE 25%
The licence includes full online access to CID and a free annual hardcopy of CID (worth £610).To find out more contact Nick Byrne on +44 (0) 20 7029 4027 or
cid@captivereview.com.

more//

Company and Ratings Search

Search A.M. Best's extensive database of life/health, property/casualty and insurance companies worldwide.

more//

Cell Company Guide

WELCOME TO THE Captive Review Cell Company Handbook 2009 – the second edition of our global directory of cell company jurisdictions. Since we last published this directory, the general attitude toward cell companies seems to have shifted up a gear. Whereas single-parent companies have long ruled the captive roost, a slight uptick in the formation of pure captives at the beginning of this year can’t hide the fact that growth in this market is still sluggish.

more//

Pellentesque feugiat arcu vitae lacus elementum in ullamcorper diam pulvinar. In odio massa, facilisis sed dignissim vel, vehicula ac diam. Curabitur tempor, quam nec aliquam tempus, dui lorem venenatis arcu

Mauris accumsan orci ut turpis placerat condimentum. Ut sit amet lobortis purus. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos.

CID