The vendor is required to provide that captive management service of perr and knight to assist it with a study it is conducting concerning possible revision of the property insurance programs providing coverage to state-owned property, including education facilities.
-Services for the Bureau and the Executive Subcommittee as it moves forward with exploration of possible revisions to the state's current property insurance programs
-Assist the Executive Subcommittee in the administration and management of the captive insurance company, ensuring compliance with applicable regulations, and optimizing the captive’s financial and operational performance, during the period of time that any captive formed is under the authority of the Executive Subcommittee.
-The following information is presented to provide an overview of the scope of services for which the executive subcommittee is searching.
•Prepare and file statutory financial statements with the regulatory authorities in the domicile jurisdiction.
•Assist with preparing tax returns and ensuring compliance with relevant tax laws in the state
•Ensure the captive maintains its license and adheres to all regulatory requirements in state, including timely submission of required documentation and reports.
•Monitor changes in regulatory environments and ensure the captive complies with updated rules, including solvency requirements and financial regulations.
•Maintain accurate books of accounts, prepare financial statements, and ensure the captive's financial health.
•Direct the efforts of industry service providers.
•Coordinate with external auditors to prepare for and manage annual audits as required by regulatory authorities.
•Manage the invoicing and collection of premiums from the state.
•Manage loss and expense reserves, ensuring adequate funding for potential liabilities and appropriate payment of claims.