WHAT IS A TRIBAL SOVEREIGN INSURANCE?
Tribal Sovereign Insurance is defined as an insurance company wholly owned and controlled by a tribal nation. Its primary purpose is to insure the risks of tribe and its entities.
Top 9 Reasons Why Your Tribe Should Create & Own a Sovereign Insurance Company
1.
Economic Development: The Tribal Sovereign Insurance Company should be viewed as a new business endeavor of the tribe. It is designed to make money while still saving money overall for the tribe. Low startup costs and a great return on investment. New Tribal Jobs will be created to operate the Sovereign Insurance Company.
2.
Lower Premiums. Embedded in your insurance premiums are state taxes, advertising expenses, the overhead of the insurer and profit for the insurance company. These costs are all passed on you. With a tribal sovereign company, your premiums will no longer include such embedded expenses.
3.
Strengthen Tribal Sovereignty. By forming your own sovereign insurance company the tribe will thereby strengthen and defend tribal sovereignty.
4.
Self-Regulation. No more dependence on your state insurance. The Tribe will form a regulatory body to license, supervise and audit your sovereign insurance company. You will thereby engage in self-regulation in the same manner as gaming tribes with Gaming Commission.
5.
Reinvestment. The Sovereign Insurance Company will capture revenue for the tribe that is presently going to outside entities. The revenue call be harnessed and then reinvested by the tribe.
6.
No Commissions Expense. The insurance industry is notorious for very high broker/agent commissions. With your own sovereign insurance, you will no longer be paying these layers of commission, Reinsurance can be purchased "wholesale" Savings can be as much as 35%.
7.
Improved Coverages. Tribes have grown in size and complexity to where insurance provided by third-party insurance carriers in many cases don't provide adequate coverages.
8.
Customized Policies. With a sovereign insurance company, YOU write your own policies. These policies are custom tailored to fit your Tribal needs. No more "off the shelf" policies designed for Corporate American or forced bundle coverage not needed.
9.
Increased Governance of Risk. Increase access to data and more control & awareness of risk issues. Resolution to claim without interference for outside parties.
Want More Info?
www.SIANN.org | Kenny Tolbert - Executive Director
ktolbert@SIANN.org | 918-230-7676