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 HOW TO SET UP A CAPTIVE

 
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The following represents the procedure involved in the incorporation and registration process for commercial and captive insurance companies.
 

Select Professional Service Providers (lawyers, auditors, insurance managers, bankers, actuaries)

 

Reserve Preferred Name of Company with Registrar of Companies

 

 

• Submit preferred name, with two alternate names
• Will be reserved for three months

 

 
 

Apply to Bermuda Monetary Authority (BMA) to Incorporate Company

 

Complete Pre-incorporation Documents (details of ownership, company administration, business plan, 5-year pro- forma financial projections)

 

Submit application to register Memorandum of Association to Registrar of Companies

 

• Registrar will proceed only after receiving consent from Bermuda Monetary Authority

 

Incorporation Applications Approved

 

• Incorporate and Capitalise Company and Convene Organisational Meeting

 

Submit Licensing Application to BMA for Review by Assessment and Licensing Committee; successful applications approved for licensing

 

Finalised Pre-incorporation Documents submitted to BMA’s Licensing and Authorisations Department for final registration

 

BMA Issues Insurance Licence

 

Company Begins Operating