1. Organisation and Personnel.
(a) Who owns your organisation?
answer: IMG International Ltd.
(b) Is it a company, partnership, or corporation? Please describe subsidiaries, affiliations, directorships or other close business relationships, management pools, etc., if any.
answer: Corporation. Independent Management Ltd. and Uberrimae Fidei Insurance Company Limited are affiliated companies.
(c) Where was it chartered? When?
answer: Bermuda. 1984
(d) Does a regulatory authority supervise it? Where?
answer: Yes. Bermuda
(e) Is it licensed as an insurance broker, reinsurance intermediary, or other insurance or reinsurance organization? Where?
answer: Insurance and Reinsurance Broker. Bermuda
(f) Are producers sub-licensed? Where?
answer: Not applicable
(g)(a) Do any individuals have drawing accounts?
(b) Does your organization loan money to officers and/or employees?
(h) Please list any individuals other than officers who have authority to negotiate with us.
(i) Do you maintain error and omissions liability coverage? If so, please indicate limits.
answer: Yes - $5,000,000
(j) Please give name of auditor. Is your organization subject to quarterly, semi-annual or annual financial audits by appointment?
answer: Annual. Arthur Morris & Company.
2. Handling of Funds of Ceding and Assuming Companies
(a) Are premium, loss, and other funds owned by reinsureds and/or reinsurers (fiduciary funds) kept separate; that are not commingled with other funds?
answer: Yes A separate Premium and Loss Account.
(b) Do you invest such fiduciary funds? If so, in what types of securities?
answer: Yes. Bank Deposits.
(c) Are these fiduciary funds audited in detail by a certified public accountant on a quarterly, semi-annual, or annual basis? If a separate letter of certification or financial statement applies to these funds and is not included in subjects or question 1(l) above, please attach latest copy.
answer: Yes. As part of Annual Audit.
(d) Is cheque signing authority on fiduciary accounts limited? answer: Yes. Are two signatures required? answer: Yes
(e) Do you withdraw from the fiduciary accounts your commission monthly as earned? If not, how do you handle it?
(f) Do you remit to reinsurers in strict accordance with contract terms even if special remittance is required?
3. General Information
(a) Please attach any memoranda, letters, etc. that may be helpful to us in understanding basic philosophies, procedures, key personnel roster, working relationships, safeguards, etc. of your organization and operation.
answer: See attached control forms.
(b) Do you require each underwriting group (pool) under your control to handle its fiduciary funds as described above in section 2?
answer: Not applicable.
(c) In your opinion, is your organization in compliance with General Insurance Standards Council?
answer: Yes. These provisions are similar to New York Regulation 98.
(d) Please give a brief description of procedures followed in your organization to evaluate the security of those companies or underwriters you use as reinsurers.
answer: Review A.M. Bests, Standard & Poors and other general Market Intelligence.