The Insurance Manager provides a variety of essential insurance services to the reinsurance company, including:
- Providing expertise in the areas of insurance, risk management, and underwriting expertise to the reinsurer
- Hiring an independent actuary to review risks and exposure and to establish appropriate levels of premiums
- Developing business plans and preparing pro forma financial statements that are filed with Turks and Caicos’ Insurance Commissioner
- Working with the regulators in Turks and Caicos to secure the reinsurance license and the annual renewal of the license
- Developing equitable premium allocations
- Issuing and monitoring policies and premium invoices
- Obtaining certificates of insurance for insured companies
- Monitoring and reconciling investments records and bank statements
- Maintaining the reinsurer’s financial and operational records
- Serving as the primary contact for regulatory agencies and assisting in regulatory compliance
- Filing insurance regulatory reports
- Preparing and filing annual tax returns (IRS Corporate Income Tax Form 1120PC)
- Handling claims processing
- Serving as a liaison between the commercial insurance and the reinsurance company