Captive Insurance License

Legal entities may form corporations to insure or reinsure their risks. To do this, they need an appropriate license, which is provided by the competent authority authorized to carry out business licensing.

The license allows the captive insurance company to insure all the risks of the company:

  • properties;
  • life;
  • health;
  • accidents, etc.

It can be "pure" an insurer owned by a single company or "group captive" insurer for several legal entities.

Depending on the jurisdiction, the requirements for the licensee and the procedure for issuing a license may differ. Crystal Tax employees will help you understand all the intricacies of the legislation of a particular state, as well as quickly, without any hassle, issue a license.

List of criteria for licensees

The following criteria are taken into account when evaluating a licensee:

  1. Financial strength and reputation of the applicant.
  2. Business plans reflecting the risk profile of the business.
  3. The applicant's long-term commitment to use a captive insurer as a risk management tool.
  4. Competence and experience of the proposed managers in captive management.
  5. Reliable risk management systems and processes appropriate for the size and complexity of the business.

Key benefits of a captive

Licensed captives have a number of advantages:

  • ability to tailor emerging risk coverage;
  • the ability to apply alternative strategies for working with insurance market cycles;
  • provide financial incentives to control losses;
  • flexibility in risk management;
  • creative insurance solutions;
  • risk management consolidation.

A captive company operates like a traditional insurance company and is subject to the laws of the state in which it is incorporated. 

What do we offer?

Crystal Tax lawyers provide not only services related to business licensing abroad. We also specialize in:

  1. Conducting a preliminary feasibility study for a commercial organization.
  2. Study the procedure for issuing a license in the selected jurisdiction.
  3. Preparing documents and negotiating with the captive insurance regulator.
  4. Legal support for inspections by licensing authorities.
  5. Captive insurance company registrations.
  6. Opening bank accounts and payment systems.
  7. Conducting an accounting, legal audit.
  8. Reporting.

We offer full legal support for creating a captive company and obtaining a license. Enlist the support of highly qualified specialists, professionals in the field of business licensing represented by Crystal Tax employees. Contact us, we are happy to help you!

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Maksym Stepanenko

Maksym Stepanenko

Managing Partner, Crystal Tax

International client projects since 2012: company structures, tax, immigration, DUNS and NCAGE. 50+ jurisdictions.

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Our advantages

International business, end to end

Corporate structuring, company registration in Ukraine and abroad, tax and reporting, migration, bank accounts, DUNS and NCAGE codes. We run the whole project, from choosing the solution to the finished documents.

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Confidentiality terms are set out in our contract. We do not pass information about a client or their project to third parties, except where the law expressly requires it.

Choosing a jurisdiction

We compare jurisdictions against your business task: tax regime, reporting, substance requirements and access to banking. On the call we go through the upsides and the limits of each option.

Timelines and data

We name the timeline for every step before the work starts — it depends on the jurisdiction, the registrar and the bank. Personal data is used only to deliver the service.

We deal with authorities and banks

We handle the correspondence with registrars, government bodies and banks and answer their requests ourselves. From you we need documents and signatures.

We see every case through

We take each case to the finish: if an authority or registrar comes back with remarks, we revise the documents at no extra charge. The fee is calculated for your task before work starts.

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