Incomplete applications make the review and licensing process inefficient and cause confusion and delays. Here are some typical issues associated with an incomplete application:

• Application form line items are left blank, do not address the request, or are inconsistent relative to other responses.
• Key aspects of the business plan are not well-developed, e.g. negotiations with key participants are not far along, policy documents or reinsurance terms are not well-established or known.
• Financial statements of the captive’s direct parent or, if applicable, a direct upstream entity, are not provided.
• Corporate governance documents are: not submitted, inconsistent with each other, or incomplete.
• The feasibility study is not submitted, does not support the financial aspects of the business plan, or is otherwise inadequate or incomplete.
• A statement under oath by the President and the Secretary showing the captive’s financial condition is not submitted or is not properly signed.
• The submission includes a set of financial pro forma that do not include an adverse scenario, or do not comport with other information in the business plan, feasibility study, or other exhibits.
• The application fee payment is not made/received.