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A captive insurance company is a bona-fide insurance company established to self-insure the risks of a controlled corporate group or a group of businesses with similar risks pooling together to share risks. A captive insurance company can also be used as a profit center to provide insurance products to your customers, or to provide a simple solutions for your customers to self-insure.
Captive insurance coverage is generally applicable to any type of commercial property casualty coverage, including but not limited to property, workers' compensation, general liability, commercial auto liability, auto physical damage, and professional liability.
The first step is to conduct a feasibility study. A feasibility study will help to determine if the transaction makes financial sense, outlines your goals and objectives, and determines the correct domicile for establishing the Company. The second step is to prepare a business plan with financial projections, file an application to obtain a license to transact insurance business, and form a legal entity.