One of the most important phases in any alternative market plan is its design and the proposed steps to its implementation.
Northern States Management, Inc. encourages the promoters and principals of potential programs to use our expertise (at no charge!) during this critical stage.
The considerations and concerns of the licensing authorities can often bewilder and intimidate those who are not familiar with the procedures.
Northern States Management, Inc. provides day-to-day guidance and supervision to all service providers and principals to ensure the smooth flow of forms and information through the application and formation processes.
Invariably the principals and service providers will be faced with the necessity to obtain, interpret, and apply an actuarial study related to their captive, risk retention group, or other alternative market mechanism.
Northern States Management, Inc. employs onsite personnel with many years experience in the skillful dissemination of actuarial treatises. We are available at all times to explain and extricate the relevant statistics from the actuary's work and to utilize them in the required manner.
Both our GAP and Statutory Accounting systems are fully computerized and have been customized over many years to suit the need of the alternative insurance market.
Our systems have been designed and tested with the needs of the client, external auditors and regulators in mind. In addition, our financial reporting, statistical analyses and forecasting tools are uniquely flexible to suit the needs of the most demanding audience.
Our professional staff has the capability to produce financial and statistical reports on either a monthly or quarterly basis.
In most cases, our clients find that regular quarterly reports provide sufficient detail of the transactions of their captive or risk retention group. For the larger and more mature entities, monthly reporting is the preferred option.
We pride ourselves on our timely financial reporting!
One of the most important functions of a captive manager is the timely provision of prescribed reports to local and state authorities. Likewise, the payments of state premium taxes and fees is an inevitable task of any manager.
We enjoy an excellent relationship with the Department of Banking, Insurance and Securities and with the local taxing authority.
Captive managers and state regulators work in tandem to ensure the smooth functioning of any successful alternative market domicile. Frequent visits to the Insurance Department and constant monitoring of legislative issues keep us on the cutting-edge of developements in this arena.
We keep our staff apprised of all new reporting requirements and deliver all critical filings in person.
Our wholly-owned subsidiary, Northern States Intermediaries, places reinsurance in the domestic and international marketplace. In most instances, these placements are specifically designed to suit the needs of our alternative market clients.
From time to time it may be necessary to utilize the services of a large conventional insurer as an issuing carrier ("fronting company").
Northern States Management, Inc. has business contacts within all the major commercial insurers who offer fronting services. We are NOT insurance brokers and receive no commission from these companies.
We have long-standing expertise and contacts in both facultative and treaty reinsurance markets for: