With over 460 captives licensed to date, it would be best to have one or two back-up names in mind. We look at as much detail as they have on the program at that stage. Anything we can learn will help us expedite the approval process and just helps eliminate any surprises from either end. Prepare documents necessary for incorporation. Usually, the services of a local lawyer experienced in setting up captives are obtained to facilitate this process.
Documents required include bylaws, articles of incorporation, stock certificates, etc.
Prepare documents necessary for application to the Department. This step is usually completed primarily by the management company with input from legal counsel as considered necessary. The application requests information on the type and form of captive, method and amount of capitalization, description of ownership, names and addresses of services providers, etc. Submit one additional copy of the application material to the review firm when instructed by the Commissioner. Petition the Commissioner to issue a Certificate of Public Good.