From the initial point of contact, CIC Management, LTD (CICM) provides our clients with a uniquely synergistic experience that employs the knowledge of their current professional advisors with our select partners that are the top in their field, to guarantee coordination with both corporate and personal goals. Each captive client works directly with our principals on every key facet of captive creation and operation. Because CICM values independence and transparency, we choose to work with highly credentialed third party actuaries and attorneys as we design, establish, and manage a captive insurance company (CIC). CICM services include:
Bookkeeping and Asset Management
- Complete bookkeeping services.
- Provide bookkeeping records in the form of unaudited financials to CIC’s accountant for filing of annual statements, financials, tax returns, government reports, etc.
- Assist CPA with materials for annual audit if required.
- Create annual budget, projected expense reserves, projected cash flow statements, and investment recommendations. Annual expense projection will be for those expenses borne directly by the CIC.
- Monitor expenses and investments. Report these results semi-annually.
- Maintain signatory authority over CIC bank account(s) with approval of shareholder(s).
- Bill and collect CIC clients for premiums.
- Pay expenses according to annual budget within guidelines.
- Bill on behalf of CICM for CIC management services according to CICM’s management services agreements. Amount to be included in annual budget and reserved for in expense reserve. This is remitted to CICM.
- Organizational meeting upon formation of CIC.
- Conducted via teleconference - Participants include representatives from CIC, CICM, and CIC’s respective lawyers and accountants.
- Agenda preparation - Solicit agenda items from lawyers and accountants
- During CICM portion of agenda: - Sign-off by client of annual budget, expense reserves, investments, etc.
- Lawyers, accountants and CICM will conduct their portion of the meeting agenda. - Creation of meeting minutes and circulation.
- Same format as organizational meeting with emphasis on updating CIC client on financial results and approval of new annual budget, expense reserves and investments.
Regulatory Compliance Services
- Ensuring regulatory compliance in the local domicile.
- Preparation and filing of regulatory reports.
- Maintenance of records in accordance with regulatory requirements.
- Responding to regulatory examinations and inquiries.