Now Jim, we are in the Turks and Caicos Islands.
Tell me a little bit about the regulatory environment.
Good question, Adam. First off, insurance is state regulated. Or domicile-by-domicile
regulated. So every state in the United States, there’s 50 state regulations that regulate
insurance. In a foreign country, it’s the foreign country that regulates insurance.
And this truly is one of the highest regulated industries out there. So you have to be knowledgeable
about the insurance laws and everything. From a writing of insurance standpoint, we comply
with the state regulations that we’re operating under in the United States, in the state of
domicile of the insurance company, the direct writer we use. And then we comply with the
TCI regulations. The Turks and Caicos is known as the TCI. We comply with their regulations
here in TCI. One of the paramount things they require is a B rated or better direct writer
to write the business, and then you can cede the business into a TCI reinsurance company.
And we do that, and most of the providers out there do it also, and they know these
REQs. So as long as you have a direct writer that writes the insurance, you can reinsure
the business into a TCI reinsurance company, as long as you have a filed business plan
and everything. And as a matter of course, while I’ve been here this week, we met with
the head of insurance of the Turks and Caicos Islands, and I just asked him, I told him
what we would be doing today, and I asked him “Is TCI still pro-business?” And he said
“Definitely so.” So I’m happy to report that the Turks and Caicos Islands is still very
pro-business, and very much a promoter of the reinsurance programs that we promote today.