Biographical affidavits (bios) are submitted and reviewed with the original application. How are updates to a captive’s directors and officers handled?

Biographical affidavits (bios) are submitted and reviewed with the original application. How are updates to a captive’s directors and officers handled?

The Jurat page of the captive annual report lists the board members and officers at a point in time. A completed bio should be submitted to DIFI for any new board member or officer in a timely fashion after the change takes place. The new bio, usually sent to us by email attachment but may also be mailed, should be accompanied by a cover letter explaining the change and purpose of the new bio.

While DIFI reviews new bios sent to us and may have questions or concerns, we do not generally approve new members as part of this update. If a bio was recently submitted and in our files for a member, a new bio may not be necessary, though if older than 2 to 3 years, we are likely to expect an updated version.

Biographical affidavits (bios) are submitted and reviewed with the original application. How are updates to a captive’s directors and officers handled?