FREQUENTLY ASKED QUESTIONS
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FAQ
Frequently Asked Questions
Why is your company located in the Cayman Islands?
The company was set up in 1988 as a profit-making corporation for the benefit of insured doctors. Insurance companies set up in the Cayman Islands do not have the regulatory expenses of domestic companies. There is no corporate taxation, companies need not have brick and mortar locations, or highly paid C.E.O.s
The Cayman Islands and Bermuda have the infrastructure to regulate and certify Captive Insurance. Northwestern memorial Hospital, Mass General Hospital, and a host of other large and small entities have their captives on these islands. The Cayman Islands licenses over 600 captive insurance companies.
More than half of the 600 Cayman Islands’ captives relate to healthcare, and medical malpractice liability continues to be the primary line of business, with approximately 32 percent of companies.
What are your premiums like?
Southwest IPRO premiums can be slightly lower, or slightly higher than premiums from domestic companies. Since the inception of Southwest IPRO, the company has never raised premiums.
What are my guarantees that premiums will not be raised?
The company is 32 years old, and has never raised any insured’s premium. It is company policy that premiums are not adjusted upward, only downward if warranted.
What can I expect after retirement?
Return of premium to members has run between 40 and 60 percent of everything paid in, depending on case activity, and investment returns.
How is it possible to do this when other domestic companies do not?
The company chooses its insureds very carefully. A health insurance company that accepted as risks only young healthy individuals, after examination of genetic and family history, and lifestyle choices, is going to be very profitable. The same concept is used in SouthwestIPRO, only the profits are distributed to the doctors, not to faceless bureaucrats or stockholders.
Why is the company called SouthwestIPRO?
Two successful captive insurance companies merged to form this formidable company, Southwest and IPRO.
Who do you insure?
All physicians are eligible. We have ENT, Plastic Surgeons, Orthopedic Surgeons, Oral Surgeons, General Surgeons, Vascular Surgeons, Internal Medicine, and others.
What about tail coverage?
A reporting endorsement (tail cover) is free after retirement.
What about risk management?
Risk management is offered free of charge to insureds. Valuable information offered by the company eases stresses caused in a litigious climate.
What makes our attorney representation different than other companies?
Should the need arise, you will deal directly with an attorney who will guide you through any difficulties in a timely and caring manner. You will not be dealing with assistants or paralegals. Our legal team only handles physician and oral and maxillofacial surgeon defense.
If you have other questions not covered on this page please contact us directly.