Noncommercial Insurance

Captive Insurance

Captive insurance companies are specially located, wholly-owned legal entities that provide organizations a way of underwriting some or all of their own risks, and therefore retaining capital that would otherwise be lost to commercial underwriters. Captive insurance can also be a method of providing coverage in underserved commercial markets.

BRMS Inc. can help you determine if establishing a captive insurance company is right for your business, and then steer you through the many required channels, from choosing an appropriate location and understanding the associated legal requirements through implementation and management.

Risk Retention Group

An RRG is an insurance company owned and governed by its members. It must be domiciled in a state and requires a capital base.  Each state may establish its own regulations vis-à-vis an RRG domiciled in that state. An RRG retains a specified level of the risk and is not covered by state insolvency guaranty funds.

In 1986, the Liability Risk Retention Act was passed by Congress to recognize and require all states to comply with domiciliary state regulations. The purpose of this act is to provide an avenue of risk transfer for businesses, professionals and municipalities that is unavailable or unaffordable in commercial markets.

BRMS Inc. can help you determine if a establishing or joining an RRG is right for your business, and then steer you through the many required channels, from choosing an appropriate state and understanding the associated legal requirements through implementation and management.

Work Comp Self Insurance

Workers Compensation is a government mandated insurance program that has become one of the largest line-items on the expense report of any labor-centric organization.

Typically buying insurance from a large carrier makes sense because of what the insurance industry calls the Law of Large Numbers.  When many entities pay reasonable premiums, even if large losses are suffered by a few of the entities, money remains for the insurance company's administrative expenses and profits.

The Law of large Numbers is, to a great extent, already built in to workers compensation coverage for employers with many employees; premiums are paid for each employee and losses are suffered by each employee.

Workers' Compensation self insurance allows an employer the opportunity to reap the rewards of running a safe workplace.

BRMS can guide your organization through the steps required by regulatory organizations to start an individual or group workers compensation self insurance program and manage the program for you.