There is no exact answer to this question or standard form; it will depend on facts and circumstances, including the nature and magnitude of the change. In general, all business plan change requests will include a request letter with a description of the proposed change, the proposed date of the change, the purpose, rationale and/or drivers of the change, and other basic information that may include a before and after comparison of the relevant aspects of the change.

When changing the insurance program, e.g. structure, coverages, limits, reinsurance ceded or assumed, etc., we would expect additional information to support the premium and losses expected if it is implemented, including formal or informal analysis of pricing, copies of draft policy language and/or reinsurance agreements, and the financial effects of the change, e.g. an updated pro forma balance sheet or income statement. Including commentary or rationale regarding whether or not the new risk profile would warrant a change in the amount of capital in the captive or not may also be useful.