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Formation and Management of Physician-Owned Captive Insurance Companies for Medical Liability.

Millennium Medical Consultants, LLC is a BBB Accredited Business Consultant in Largo, FL
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1. The country is governed by British Common Law, which is acceptable to our reinsurers, Lloyd's of London.

2. The Anguilla Insurance Act 2004, that provides the legislative basis for the incorporation and regulation of insurance companies in Anguilla, was written and approved by gentlemen who were educated in Great Britain, and who are known by the syndicates of Lloyd’s of London.

3. The Anguilla Insurance Act 2004 allows the insurance companies to keep the company’s funds in a bank within the US.

4. The Anguilla Insurance Act 2004 allows the insurance companies to establish a Letter of Credit from a US bank as a means of providing funding for the capital requirement.

5. The Anguilla Insurance Act 2004 allows the insurance companies to elect to be treated as a domestic insurance companies in the eyes of the Internal Revenue Service.  This provision allows the insurance companies to pay US federal income taxes, although they are domiciled in a foreign country.  Furthermore, the regulations allow for the insurance companies to consider other tax elections such as the 831(b) election that defines a different type of tax calculation for those insurance companies that meet the requirements defined by the Internal Revenue Service.  

6. The Anguilla Insurance Act 2004 has similar restrictions to our US Patriot Act, known as the “Anti-Money Laundering Act”.  One example is that any funds wired to a bank in Anguilla must have a document notarized by a bank official stating that the “funds were legitimately acquired.”  Another example is that any company choosing to be registered in Anguilla must provide financial reports and criminal background checks on each of its board members.

7. The Anguilla Insurance Act 2004 requires that captive companies licensed in Anguilla retain an insurance management firm domiciled in Anguilla as a means of ensuring compliance.  The role of this management company is to provide documentation that supports that the operations and financial transactions of the insurance company are within compliance to the Anguilla Insurance Act 2004.

8. The Anguilla Insurance Act 2004 requires that a Certified Public Accountant conduct an annual financial audit, for each insurance company.  The audit report is the document that supports that the operations and financial transactions of the insurance company are within compliance to the Anguilla Insurance Act 2004.

9. The Insurance Act of 2004 is periodically updated to include and enforce new regulations.  On March 1, 2008, new regulations introduced the Minimum Margin of Solvency for Insurers and specifically defined which assets were considered allowable for the purpose of calculating the margin of solvency, and further identified statutory requirements and responsibilities of Insurance Managers.

These are the reasons why Millennium Medical Consultants chose Anguilla for the licensing domicile: