Structure and Shareholders Involvment
TSIL is licensed and managed in the Cayman Islands to reinsure risks from the issuing insurance companies, which are member companies of the Zurich North America group licensed to provide coverage in the United States. The type of coverage written by TSIL is Workers’ Compensation.
Each voting shareholder, regardless of premium size, will have one vote. A simple majority by the Board of Directors governs. TSIL follows a four-year accounting cycle. Each year will stand alone and will not be closed, at a minimum of, the end of the third year after the policy year-end or as determined by the Board of Directors.
TSIL’s management strength lies in its strong committee structure and individual involvement by shareholders. Board and committee meetings are scheduled offshore twice a year. Presently, the committees and their primary responsibilities are:
- Underwriting – Advises the Board on desirable risks to be assumed and ensures that the assumed risks are adequately underwritten.
- Risk Control – Sets loss control goals for its members. Reviews loss control reports and works with members to meet the required loss control goals of TSIL. Also coordinates claims management consulting services for members.
- Finance – Advises the Board on policies for the investment of TSIL’s assets and reviews the annual audited financial statements.
- Membership Development – Sets goals and objectives for the continued growth of TSIL.
Each shareholder is encouraged to attend all TSIL meetings and actively participate on the committee of his/her choice. The Board will rely on the recommendations of these committees to establish policies. Day-to-day management of TSIL is provided by TSIL’s off-shore manager.