Captive Insurance & Captive Insurance Company Services by WMS,LLC Captive Insurance Management , Captive Insurance Feasibility Studies , , Captive Insurance Underwriting , IRS Letter Ruling support, Turnkey Captive Insurance Services
Captive Insurance & Captive Insurance Company Services by WMS,LLC Captive Insurance Management , Captive Insurance Feasibility Studies , , Captive Insurance Underwriting , IRS Letter Ruling support, Turnkey Captive Insurance Services
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Captive Insurance ServicesWMS,LLC (WMS) provides turnkey Captive Insurance Services and Solutions to mid sized Insurance Agencies and Associations who are interested in implementing an Agency Captive or Association Captive, solution which is tailored to their individual Insurance Program needs. We also assist businesses who are interested in using a Pure Captive to insure a portion of their commercial property and casualty risks in order to reduce or stabilize premiums, improve the availability and breadth of coverage, and economically insure risk exposures that are difficult or uneconomical to insure via traditional insurance markets. WMS, LLC provides a complete menu of captive services including: Captive Insurance Company Planning, Captive Insurance Feasibility Studies, Captive Insurance Domicile Selection, Captive Insurance Company Formation & Licensing, Captive Insurance Management, Captive Insurance Underwriting and Compliance Reporting. Note: Before you engage in any Captive Insurance transaction or arrangement, you should first consult with an independent licensed attorney and CPA who are experts regarding the, state and federal, insurance and tax, laws and regulations relating to captive insurance so they can properly advise you. The insurance and tax laws/regulations (state & Federal) relating to insurance are complex and are beyond the scope of services provider by WMS,LLC. In addition, we strongly recommend that clients request an IRS Letter Ruling (if available) to determine the specific federal tax treatment their captive and its affiliated insured's will receive from the IRS. An IRS Letter Ruling can substantially reduces the potential tax risk associated with owning and operating a Captive Insurance Company. To learn more about our services or to request a Free Consultation please click on the Free Consultation link or call us at (201)-995-9085 today. Captive Insurance Company Start Up and Operating Costs
1 Some insurance domiciles waive the annual requirement to have the Captives Financial Statements audited by a CPA Firm. In such cases, the annual Audit fee would be zero. Otherwise, an annual audit should cost between $1,500 and $5,000. 2 In order to satisfy Insurance Regulations and/or IRS Safe Harbor Rules regarding the Taxation of Captive Insurance transactions, virtually every Captive will require some amount of Reinsurance. You should realistically expect annual Reinsurance Expenses to be at least 6.0% to 8.0% of annual written premiums. 3 Note: Your annual related risk and unrelated risk loss cost %'s will be different, however, over the long- term, the average loss cost %'s of the related and unrelated risks which are insured by the captive should be approximately the same and the predictability of losses should increase as losses are smoothed out over time. 4 This fee represents the cost of having WMS,LLC draft and submit the PLR request on behalf of the captive and its related taxpayers. It does not include the payment of the IRS User Fee which is payable directly to the IRS in order to obtain a Private Letter Ruling. The IRS User Fee is billed at cost and is subject to change each year at the sole discretion of the IRS.
Contact Information
NOTE -
WMS, LLC
is
not an insurance agency and does not engage in the sale, solicitation,
negotiation, or issuing of insurance policies. Employees of
WMS, LLC
do not act in the capacity of insurance agents.
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