Once the decision to create a mutual has been taken the question arises as to who will manage its day to day affairs. The potential members wish to maintain control but do not normally wish to have to divert attention from the management of their own businesses.
The result is that many mutuals employ management companies to run their day to day affairs. Charles Taylor specializes in creating mutuals, bringing together a founder group of members, creating the necessary corporate structure and obtaining regulatory authorization.
As the managers of a mutual, Charles Taylor:
- reports on a regular basis to the mutual's board
- determines and collects the premiums payable by the members
- produces insurance documentation
- handles claims
- advises on the implementation of loss prevention programmes
- manages the investment of the mutual's funds
- arranges reinsurance programmes
- ensures the mutual's compliance with regulatory requirements and prepares its accounts
- responds to the needs of members by tailoring the scope of cover where appropriate.
The mutuals managed by Charles Taylor are incorporated in Bermuda, London and Singapore.