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IGP can tailor a captive arrangement to address the specific needs and objectives of our multinational clients. We have had extensive experience in doing so for many years. Our capabilities include ceding risk and passing risk premiums to the Client's Captive. 100% of risk and premium of the coverages placed with IGP Network Partners can be ceded and passed in nearly all IGP countries, although some countries have maximum allowable percentages.
IGP can cede all or part of the risk on life, disability and medical coverages to the Captive in most countries.
General Requirements:
An annual settlement procedure simplifies administration by netting out premiums and other inflows with claims and other outflows into one single transaction. The advantage of this approach is that the administrative burden on the Captive is minimal. IGP delivers informative reports on the experience on each line of business, for each contract, in each country.
IGP's Captive product can also include the transfer of net risk premiums associated with reinsured life, disability and medical coverages.
John Hancock transfers the premium, net of IGP retention, local taxes and commissions, to the Captive within a few days of the premium having been paid to the IGP Network Partner by the subsidiary.
A letter of credit or other form of security will be required.
Claims will continue to be paid and increases in reserves accounted for by IGP as they are incurred. IGP will send a request for claim reimbursement to the Captive at the end of each quarter.
A final settlement will take place at the end of the year, which will capture any claims that were incurred and reported in the last quarter, as well as any outstanding amounts due to premium adjustments resulting from changes in the insured population, local dividend payments, and so on.
Click here to learn more about IGP's Captive product.
