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| | Structure and Shareholders' Involvement |
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The company is licensed and managed in the Cayman Islands to reinsure risks from the issuing insurance
company, National Interstate, which is licensed and provides coverage in the United States. The types of
coverage reinsured by TRAX are Automobile Liability and Physical Damage, Garage Liability, Workers'
Compensation, and General Liability. TRAX members are primarily comprised of motor coach, school bus,
and airport ground transportation companies.
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| | Member Responsibilities |
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The company requires that each shareholder also appoint a director to the TRAX Board of Directors.
Every shareholder, regardless of premium size, has one vote. A simple majority governs. TRAX 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 meetings held at locations outside the United States.
Presently, the committees and their primary responsibilities are:
- Executive - Comprised of officers and committee chairpersons. 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 TRAX.
- Nominating Committee - Recommends to the Board of Directors future officers and committee chairpersons
for a two-year term.
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