A captive insurance company is a closely held company established primarily to insure the risks of its parent company and affiliated groups. Businesses have been using captives for decades as a risk management tool for coverage that is tailored to its unique risks, rather than the standard coverages provided in commercial markets. Captives allow a company’s risk to be judged on its own merit rather than charged premiums based on the risk of its entire industry.
Delaware has become one of the fastest growing captive domiciles. Captive entities domiciled in Delaware are required to have an annual independent audit by an auditor authorized by the State Insurance Department. BLS has been an authorized audit service provider since 2010 working with the various clients and captive administrators, managers, and actuaries. We have experience providing tax, audit, compliance, and consulting services to our clients including the opportunities associated with domestic and foreign captive insurance entities. BLS is also a member of the Delaware Captive Insurance Association to keep informed about Delaware insurance legislation and for exchanging of information with stakeholders.
Our Captive Insurance Services Include:
- Captive insurance audit (Delaware authorized provider)
- Tax compliance and planning
- Tax elections [i.e., 831(b), 953(d)]
- Startup and organizational consulting
- Internal controls review
- IRS examination representation
- Succession planning
- Outsourced bookkeeping and accounting
- Resident Director Services