Captive managers are companies or persons that are authorised by the Insurance Supervisory Authority to undertake the administration and execution of the managerial function, including the administration of contracts of (re) insurance for a captive.
Representatives of the captive manager may sit on the captive’s board fulfilling an executive, non-executive or advisory role.
The authorised reinsurance manager is in charge of the day to day management of the company, including:
- acting as legal representative of the reinsurance captive;
- liaison with auditors, fronting companies, reinsurance companies, banks, actuaries, etc.;
- reporting to the Insurance Supervisory Authorities;
- company secretarial duties, organising Board meetings, AGMs, etc.;
- preparation of the financial statements;
- tracking risk levels and reporting on them to the Board.