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An Act to provide for the licensing, regulation, and supervision of captive insurance business conducted by international companies incorporated in the Cook Islands, along with related provisions governing financial records, audits, compliance, and enforcement.
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The Captive Insurance Act allows businesses to create their own insurance companies to insure their risks, providing flexibility in managing their insurance needs.
Typically, businesses that establish a captive insurance company are required to file under the Captive Insurance Act, as well as any related entities that participate in the captive structure.
Filling out the captive insurance act involves completing necessary forms provided by the insurance department, detailing the structure, function, and operational plans of the captive insurance company.
The purpose of the Captive Insurance Act is to provide a legal framework under which businesses can create captive insurance companies to manage their risks more effectively and economically.
Information typically required includes details about the captive's ownership, types of risks to be insured, financial projections, and operational plans.
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