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Get the free Captives in New York StateDepartment of Financial Services

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Office of Insurance Regulation Company AdmissionsAPPLICATION FOR CAPTIVE INSURERThis package is designed to assist individuals in preparing the application with all the information required by statute
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Captives in New York refer to insurance companies that are created to insure the risk of their parent company and related entities. These captive insurers operate under the regulatory framework of New York state and provide a way for businesses to manage risk more effectively.
Captive insurance companies established in New York are required to file compliance documents with the New York Department of Financial Services (DFS) to ensure they are adhering to state regulations.
Filling out captives in New York involves completing specific forms provided by the New York Department of Financial Services, including annual reports and financial statements detailing premiums, losses, and reserves.
The purpose of captives in New York is to provide businesses with a tailored insurance solution that helps manage risk and reduce costs by insuring their own risks instead of relying solely on traditional insurance markets.
Captives in New York must report various information including financial statements, reserves, premium income, claims experience, and any other details mandated by the Department of Financial Services.
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