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The State of Hawaii is the premier captive insurance domicile in the Pacific Basin and is recognized as one of the fastest growing and progressive captive domiciles in the United States. 50th State Risk Management Services are specialists in providing independent captive insurance management services for Hawaii-domiciled captives. Our underlying goal is to provide existing and prospective captive owners with the necessary resources and information to exploit the optimum opportunities afforded by their captive insurance facilities.

The hard-market era of the 80's forced many businesses and professional organizations to seek a more cost-effective means of obtaining insurance. Many corporations created their own insurance company subsidiary (captive) in which they became the ultimate bearer of losses sustained by the captive's parents. The current hard-market is causing many corporations to revisit the formation of a captive as a means of a more cost-effective method of obtaining insurance. 50th State's approach is to offer clients a wide range of products and services and let them choose those that are appropriate for their specific needs and expectations.

What is a Captive?
A captive insurance company is an insurance company that has been set up to provide coverage at a lower cost than available by going through the general insurance market. The company's stock is controlled by one interest or a group of related interests so as to provide coverage for their business operations. A captive insurance company may be a nonadmitted, nonresident, or foreign insurer. Sometimes it may provide reinsurance to a self-insurer or a domestic company.

Local Captive Insurance Products and Services

• Captive program conceptualization, design and feasibility evaluations.
• Preparation and submission of captive application, business plan and amendments.
• Incorporation and formation of captive insurance company.
• Complete accounting, recordkeeping, financial and regulatory reporting functions.
• Preparation, review and execution of insurance certificates, policies, endorsements, and other insurance or reinsurance documentation.
• Ongoing direct regulatory interface and compliance with applicable jurisdictions.
• Monitoring and coordination of third party service providers and subcontractors.
• State of the art computer hardware and software.
• Local claims adjusting, reporting and investigative services.
• Interim and annual claim file reviews and related reporting.
• Organization and coordination of annual directors and shareholders meeting.
• Ongoing evaluation and strategic planning of captive insurance programs.
  

Domestic and International Captive Insurance Related Products and Services

• Global risk management consulting.
• Coordination and management of multi-domiciled captive facilities.
• Run-off management.
• Reinsurance of captives.
• Access to other timely and relevant information about the regulatory and operational environments of captives around the world.

For more information on product and services provided by 50th State Risk Management Services, please contact:

Earl N. Hisatomi, CPCU, CLU, ChFC Senior Vice President
Phone: (808)543-0439
Fax: (808)537-9680
E-mail: ehisatomi@50thstate.com