US CAPTIVE DOMICILE ROUND-UP† STATE NEVADA
NAME OF REGULATORY CONTACT
Michael Lynch
NAME OF CAPTIVE LEGISLATION
Nevada Revised Statute 694C
YEAR LEGISLATION PASSED
1999
RECENT AMENDMENTS DO YOU ALLOW CELLS TOTAL NUMBER OF LICENSED CAPTIVES
2005 (added Sponsored Cell Captives)
Yes 125
NUMBER OF LICENCES GRANTED IN PAST YEAR
12
NEW JERSEY
Robert Kasinow
Regulates Captive Insurers bill
Signed February 22, 2011, effective May 23, 2011
None yet
Protected cells will be permitted
None yet as law is not effective until May 23, 2011
None as legislation is not effective until May 23, 2011
NEW YORK Jody Wald
New York Insurance Law - Article 70, Captive Insurance Companies
1997
None
No
46
None
OKLAHOMA Oklahoma Insurance Department
Oklahoma Captive Insurance Company Act Title 36 Sections 6470.1 - 6470.33
2004
January 11, 2006
Yes
One
None
SOUTH DAKOTA
Wendell Malsam
Captive Insurance Companies
1996
2009
No
Two
None
SOUTH CAROLINA
Jeff Kehler
Captive Insurance Companies Act
2000
2010. Amended statutes to comply with changes in the NAIC Accreditation Standards
TENNESSEE Larry Knight
Tennessee Captive Insurance Company Act
1978 None
Yes
As of 12-31-2010, 160 active captives, 224 total number of licences issued.
Nine
No
Four
None
UTAH
Ross C Elliott
Captive Insurance Companies Act
2003
Special Purpose Financial Captive Insurance Company Act (2008)
Yes
188 as of December 31, 2010.
54
VERMONT David F. Provost
Special Insurer Act
1981
Amended annually, recent changes include updates to sponsored cell structure.
VIRGINIA Jim Ware
Captive Insurers (Chapter 11, Title 38.2 of the VA Code)
1980 None
Yes
As of December 31, 2010: 911 licences issued, 572 active
33
Not addressed in the statute
None
None
WEST VIRGINIA
J. Leah Cooper
Captive Insurance and Sponsored Captive Insurance Co Formation
2004 (changes proposed for 2011 to comply with NAIC Accreditation standards)
None, see proposed changes
Yes
One
None
† Continues on page 58 56 US Captive . April 2011
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