captive management services continued ...
Internal Structure
Our organization is structured so that each client has one main contact, the Account Executive. All reporting and administration will be the responsibility of this qualified accounting professional who will be the focal point of communications, supported by an assistant, the treasury and corporate secretarial departments, in addition to the normal clerical and secretarial staff.
The assistant is normally an experienced accounting technician who will, under direction, be involved with the day-to-day accounting and administration. The Treasury Department is a separate unit which, for internal control and efficiency reasons, monitors and directs movement of all cash. The corporate secretarial department will be responsible for controlling this specialized field and ensuring the smooth flow of legal documentation, in conjunction with your local legal representative.
Senior Management will be continually updated by the Account Executive on the operations of the Company, and will perform a review function on the operating results. Senior Management will be available for attendance at all meetings and to discuss problems, offer advice and provide a sounding board for new ideas.
Computer Resources
R&Q Quest's accounting area is fully computerized. The accounting system is installed on Microsoft Server based systems. Security is maintained using Microsoft's Active Directory Management which provides key components for authenticating users and authorization controls for access to network resources.
R&Q Quest's infrastructure has the capability of transferring files and data via the Internet whilst maintaining security from unauthorized access. R&Q Quest have the ability to provide clients with remote access to their data and information through several safeguarded options (i.e. VPN, Microsoft Cloud-based Share point server, etc.) depending on the business requirements.
We are continually reviewing and upgrading our software and hardware to service our clients in the most efficient and technologically advanced manner.
Financial Accounting
Full financial accounting services are routinely provided including the preparation and processing of accounting entries, maintenance of a general ledger, preparation of quarterly management financial statements in accordance with clients' deadlines, preparation of year-end financial statements and other information required for independent audit, assistance with the audit generally, and preparation and filing of the Statutory Financial Statements and Return in accordance with the Insurance Act 1978 (as amended).
Cash and Investment Administration
Our experienced Treasury staff is able to exercise full control over Cash Management, including utilization of the "ButterfieldOnline" and "HSBC net" on-line systems for local banking transactions, monitoring cash flow and requirements and investing surplus cash in suitable short-term instruments. Liaison with professional investment managers outside Bermuda and critical examination of reports generated by them is fundamental to ascertaining the information required to properly record investment transactions.
We recommend that formal investment guidelines are produced and adopted by the Board of Directors. Monitoring of compliance with these guidelines is the responsibility of the Manager.
Underwriting and Claims Administration
We have on our staff a senior underwriter with the ACII designation who can provide specialist knowledge as required and generally oversee the administration of insurance documentation including claims handling as required.
Corporate Administration
Most of the corporate administration that is required by the Companies Act is generally performed by clients' Bermuda attorneys. The Managers role is to monitor the performance of the attorneys and this is achieved by maintaining duplicate corporate records.
Preparation for and organizing of Board Meetings and Annual General Meetings is routinely performed including logistical arrangements of accommodation and meeting space, preparation of meeting material binders and assistance in preparation of minutes.
Monitoring of compliance with all Bermuda legislation is regularly performed including liaison with Bermuda authorities as appropriate and required.
Insurance Code of Conduct
Each Insurer is required to prepare an Insurance Code of Conduct which demonstrates that the Company has established and maintains sound corporate governance and risk management framework with regards to principles of corporate discipline, accountability, responsibility and oversight.
We are able to help the Company to design and prepare the code of conduct, which should be reviewed annually by the Board of Directors.