MANDATORY ON-SITE MANAGEMENT FUNCTIONS
- Open Books and Records, establish a chart of accounts.
- Maintain a daily record of transactions in GAP form.
- Produce quarterly financial statements consisting of a
Balance Sheet, Income Statement, General Expense Statement,
Cash and Investment Schedules, and supplementary and
supporting schedules. These will be in the format
prescribed by the State of Vermont.
- Monitor compliance with state requirements.
- Collect and record premiums, manage the daily cash balance
and secure investment of idle funds in appropriate instruments as directed.
- Liaise with underwriting and claims administrators to ensure smooth functioning and coordination of records.
- Work with reinsurers to resolve their concerns and arrange for payment of reinsurance premiums.
- Assist and attend to the needs of auditors and state examiners; see that every audit is brought to a
satisfactory conclusion.
- File state required forms and returns.
- Calculate, file and pay applicable premium taxes.
- Arrange and preside at the Vermont directors meeting.
- Take minutes of Board and Committee meetings.
- Maintain a register of capital contributors/stockholders.
- Issue invoices to policyholders for premiums; maintain a
policy and endorsement register. Keep sample policies and copies of all declaration pages.
- Keep a listing of all certificates of insurance.
- Provide periodic special reports as required by the Board of Directors/Policyholders and consultants.
- Arrange for annual actuarial evaluation and certification.
- Arrange and file accountant's report of systems and controls.
- Provide a comparison of actual performance to budget.
- File and negotiate business plan amendments with Insurance
Commissioner, Chief Financial Examiner, Captive Director.
- Prepare the Federal Income Tax provision quarterly and annually in a form satisfactory for the captive's CPA firm
to recommend the provisional payments and prepare the corporate tax return.
- Arrange and circulate the Conflict of Interest disclosure forms.
- Act as registered office, registered agent, and custodian
for Certificate of Authority and other instruments as required by statute or regulation.
- Act as the mandatory Vermont-resident director if no other suitable candidate is willing to serve in this capacity.
- In the case of a risk retention group, register the group to do business in the various states.
- For a risk retention group, file financial statements, tax
returns and pay taxes to the various states where registered.
