Captive Insurance Management Services

The vendor is required to provide captive insurance management services for center, and will maximize the flexibility and effectiveness of center’s insurance programs by:
•    Reducing costs
•    Stabilizing budgets and cash flow
•    Establishing long-term relationships with risk financing partners
•    Establishing appropriate risk retention levels using state of the art analytical techniques
•    Establishing appropriate limits
•    Providing insurance for uninsurable or hard to insure risks
•    Providing a vehicle for effective tactical and strategic use of insurance and risk financing and transfer.
- Center’s casualty and liability insurance programs will ultimately be written and administered through the captive, and may include:
•    Property coverage
•    Property sabotage and terrorism
•    General and excess liability
•    Workers compensation
•    Protective liability
•    Cyber liability
•    Automobile liability
- Captive manager services
•    Invoice all premiums and collections as necessary. 
•    Prepare, finalize, and issue captive policies. 
•    Prepare management accounts and information.
•    Prepare monthly and year-end financial statements and detailed notes to financial statements. 
•    Prepare five-year financial projections for the captive. 
•    Coordinate the independent audit conducted annually including gathering, reconciling, and providing all financial information to the independent auditor based on the authority’s timetable, and responding to any questions the auditors may have. 
•    Conduct industry benchmarking as requested by the center. 
•    Prepare monthly and annual cash budgets using center dictated formatting. 
•    Compatibility to financial software will be required. 
•    Cash management: the captive manager shall deposit cash received and issue expense disbursements in accordance with approved insurance agreements and provide monthly summaries of the transactions. 
•    Perform monthly bank reconciliations, and coordinate with center’s treasury in estimating captive’s cash needs based on expected loss and expense activity and provide monthly status and results of the reconciliations. 
•    Establish and maintain controls that ensure center’s approval of all expenditures for the captive. 
•    Such controls must conform to center policies and procedures. 
•    Receive financial reports from captive’s investment portfolio manager, monitor investment performance and investment income. 
•    Investment oversight: reconcile the investment portfolio and all transactions monthly, per any investment custodian or investment manager statements to amounts per any investment custodian or investment manager statements to amounts recorded on the general ledger, identifying, and correcting any differences.
•    Establish appropriate controls to ensure center’s approval of investment transactions as appropriate. 
•    Coordinate with the captive’s independent actuary in gathering, reconciling, and providing all loss information to the actuary as needed for determination of loss reserve needs at each year- end and projected losses for the upcoming year. 
•    Coordinate actuary’s findings with center’s decisions on reserve setting and premium determination. ensure consistency between financial reporting and actuarial projections. 
•    Monitor and inform center or regulatory changes including but not limited to those that impact upon national association of insurance commissioners (NAIC) requirements that apply to the captive. 
•    Maintain captive in compliance with n state insurance statutes and regulations and other corporate requirements. 
•    Represent the captive during state regulatory activities including submissions and examinations. 
•    Complete statutory filings in state and with other states or federal regulators as needed.
•    Prepare and calculate captive state premium tax returns as required. 
•    Assist center in evaluating whether specific taxes and industry charges apply to center or whether center is exempt. 
•    Quantify any findings prepare and calculate excess and surplus lines tax return filings, as applicable, for the state. 
•    Assist center in preparing and updating captive procedure manuals as needed.
•    Provide forensic accounting services when needed.
•    The captive manager shall provide transitional services in accordance with industry best practices if there is center succession to a successor captive manager. 
•    General administrative tasks, including but not limited to preparation of materials for board meetings and operations manuals. 
•    Assist with captive application and licensing services, as required 
•    Liaison with other captive service provider(s). 
•    Other captive related duties as center shall require.

- Contract Period/Term: 1 year
- Questions/Inquires Deadline: August 14, 2025