Oil Casualty Insurance, Ltd. (OCIL) is focused on the energy industry and offers energy insureds an opportunity to become a Shareholder in the Company.
Are invited, with qualified expenses reimbursed by the Company, to the General Meetings of the Company, thereby having a say in the future direction of the Company and joining peers in networking opportunities to enhance risk management and insurance buying decision making.
- Are encouraged to serve on the Board of Directors of the Company
- Accumulate voting rights (capped at 9.5%), based on premiums earned.
- Ability to vote on items presented at General Meetings of Shareholders
- Qualify for a monetary distribution in the event of declared dividends or dissolution of the Company
To become a Shareholder, one must purchase a minimum of $25 million in limits, complete a Shareholder Application and Information Form (attached) and purchase one (1) common share of stock for US$5,000 (or the foreign currency equivalent).
If a Shareholder no longer purchases a policy or elects to terminate their shareholder status, upon returning their OCIL share certificate, the Company will refund the US$5,000 share price without interest. Although becoming a Shareholder is generally decided at the time of binding, a policyholder can convert to a Shareholder yet past premiums cannot be used in calculating voting and dissolution rights.
It is important to note that OCIL is a non-assessable mutual; Shareholders cannot be assessed for anything other than premiums.