Member Responsibilities
The company requires that each shareholder also appoint a director to the Summit Board of Directors. Every shareholder,
regardless of premium size, has one vote. A simple majority governs. Summit shareholder responsibilities include controlling
losses, participating in board meetings, and educating other high quality companies about the captive concept. Management
strength lies in a strong committee structure and the individual involvement of all directors during frequent meetings held
both in the Cayman Islands and other locations outside the United States. Presently, the committees and their primary
responsibilities are:
- Executive - Comprised of officers, committee chairpersons and designated members at large. Focus is to develop
long-range plans for the company based on strategic analysis.
- Finance - Reviews the company’s interim and audited financial statements and monitors each member’s
compliance with their financial obligations to the company. Also advises the board on policies for the investment
of the company’s assets.
- Underwriting - Advises the board on desirable risks to be assumed and ensures that these risks are adequately
underwritten.
- Risk Control - Sets loss control goals for the members. Reviews loss control reports and works with members to
meet the required loss control and claims management goals of Summit Insurance.
- Nominating Committee - Recommends to the Board of Directors future officers and committee chairpersons for
a two-year term.