Captive Insurance Formation

Our experience and capabilities allow us to immediately undertake the process of forming a new captive.

We establish timeframes, set expectations, and clarify objectives before we commence any of the actionable tasks.

Helio manages many captive insurance companies, and we maintain a very strong and collaborative relationship with regulators. We coordinate all activities involved with project management in forming the captive, and we work collaboratively with your leadership and consultants to ensure proper corporate and regulatory approvals are received in a timely fashion.

The captive application includes several supporting documents such as a plan of operations, actuarial analysis of projected insurance liabilities and premium funding, biographical affidavits for appointed Officers and Directors, pro forma financial statements, and a copy of any proposed investment policy. We assume responsibility for a smooth and timely licensing process so that your time commitment is reduced.

Download Our Captive 101 Reference Sheet
Below are details required for the application and approval steps within the Captive Licensing Process.

Business Plan


  • Captive Name
  • Directors & Officers (Bios)
  • Domicile Meeting (Virtual)
  • Proposed Service Providers


  • Tax Position, Capitalization, Premium
  • Proforma F5

Internal Approvals

  • Tax, Legal, Auditor, Treasury
  • Shareholder & Board Consents
  • Establish Investment Policy

Prepare/Review Legal Documents

  • Plan Exhibits/Policies
  • Prepare Business Plan Narrative


Pre-Application Meeting

  • Review Business Plan of Captive
  • Discuss purpose, capital limits, premiums
  • Attendees


  • Include Business Plan
  • 30-Day Review by Regulators
  • Q&A
  • Approval Granted*
    *May be subject to additional items


EIN Obtained

Capital Contribution

License Issued

Pay License Fees

Board Organizational Meeting or Written Consent

Continue Operations

  • Issue Policies or Endorsements
  • Accept Premiums
  • Pay Losses
  • Review & Adopt Corporate Policies
    (i.e. investment tax, etc.)

Captive Insurance Management

We work with a broad array of analytical tools and techniques to assist our clients in choosing the best risk financing approach to meet their particular goals and objectives.

As critical issues arise, we introduce these resources as necessary to drive innovative solutions and identify strategies your peers may have implemented.

As part of our full suite of captive services, Helio provides ongoing financial reporting and assistance with consolidating the captive, as well as regulatory reporting, insurance and reinsurance documentation, corporate governance and regulatory compliance, general administration, and captive consulting – the key component of our service.

A summary of services we commonly provide to captive clients is outlined below, as well as additional services of value which we include in our fee proposal

Financial Reporting

Internal Financial Reporting

  • Prepare quarterly financial statements, supporting workpapers & maintenance of general ledger
  • Perform fluctuation analysis 
  • Assist with preparation of budgets, forecasts and ad hoc reporting to the board and other key management
  • Coordinate with various departments for consolidation of captive results, if necessary
  • Respond and support internal audit requests
  • Maintain adequate internal controls and best-in-class procedures 
  • Track and report underwriting performance by line of business and policy year

External Financial Reporting

  • Maintain financial records and provide support to audit & tax return preparers
  • Draft and review notes to audited financial statements 
  • Coordinate annual rating process by independent rating agencies, if applicable

Cash Management

  • Maintain and reconcile banking and investment accounts
  • Arrange authorization of payment for claims and operation expenses
  • Process and reconcile premium receipts and reinsurance payments

Regulatory Compliance & Corporate Governance

Regulatory Filings

  • Prepare & file premium tax returns
  • Prepare & file statutory annual statement
  • Coordinate annual audit and actuarial review and file reports and certifications
  • Coordinate annual license renewal 
  • Coordinate approval of changes to insurance business plan
  • Maintain current five-year financial projections
  • Continually monitor capital adequacy against industry benchmarks

Corporate Governance

  • Prepare & distribute materials for periodic and annual Board and shareholder meetings
  • Provide VT resident director and officer role, if requested 
  • Provide key personnel with legislative and regulatory updates 
  • Maintain status of regulatory filing requirements with relevant jurisdiction(s)
  • Assist in developing best-in-class policies and procedures

Insurance, Underwriting & Administrative Services

Insurance & Underwriting

  • Assist in drafting, preparing, and reviewing insurance policies & reinsurance agreements
  • Prepare premium invoices
  • Track premium receipts and payments
  • Track and report underwriting performance of policies
  • Respond to general queries on policy terms and coverage matters
  • Consult on program design and alternative uses of captives 
  • Support stakeholders in analyzing information on coverage and claims experience
  • Assist in evaluation of appropriate level of reinsurance to optimize program structure


  • Maintain all company records 
  • Maintain home office & principal place of business 
  • Act as Registered Agent for the entity, as needed
  • Assist with maintaining compliance with internal policies and procedures
  • Prepare and present ad hoc reports to management

Take the first step towards a bespoke risk and insurance experience with Helio.

Contact Us Today