DOMICILE ROUNDUP A global round-up of leading captive domiciles* State Alabama Arkansas
Name of regulatory contact
Sean Duke
Kimberly Johnson
Arizona
Stephanie Lefkowski
Name of captive legislation
Alabama Captive Insurers Act
Acts 2001, No. 1391, §
Year legislation passed
2006 2001 Recent amendments
Act 2008-391 Alabama Coastal Captive Insurance Company Act
2003, No. 466 (SB 424), §1; 2005, No. 2005, No. 506 (SB 369); § 30, eff. 3-2-2005.
Arizona Revised Statutes Title 20 Chapter 4 Article 14 Captive Insurers
Connecticut Maura Welch
Public Act 08-127 An Act Concerning Captive Insurance Companies (Senate Bill 281)
2001 None Do you allow cells Yes Yes
Total number of licensed captives
captives - 19
single parent captives - 15 One
Number of licences granted in past year
8 None
Yes
97
Single parent captives - 76 Group captives– 21
2008 N/A No None None
4
Delaware
Steve Kinion
Title 18. Insurance Code, Chapter 69. Captive Insurance Companies
District of Columbia
Dana Sheppard The Captive Insurance Company Act of 2004
Original legislation was passed in the mid-1980s. Amended June 2005; Amended June 2007; and Amended June 2010
2004
Added Agency & Branch Captive structures in June 2010.
Yes
As of 12/31/10 is 95 and as of 1/1/11 is 97.
46 captive licences and 32 series business units.
The Captive Insurance Company Act of 2004 substantially revised several aspects of the original captive law, including permitting incorporated cells, lowered the premium tax rates and established a maximum premium tax cap, liberalised the provisions related to investments and authorised reinsurers, and lowered the minimum capital and surplus for all captives. The Special Purpose Financial Captive Authorization Act of 2006 authorised the formation of captives insurers to facilitate insurance securitisations. The Captive Insurance Company Amendment Act of 2006 amended the 2004 act to enhance the formation and regulation of protected cell captives.
Hawaii
George Sumner Act 253, Session Laws of Hawaii, 1986
1986
2010: 1. Amend Hawaii Revised Statutes (HRS) § 431:19-108(a) to allow examination of captive insurers every five years (formally three) or as often as the Commissioner deems appropriate, except that class 3 risk retention captive insurers must be examined within three years of its formation. 2. Amend HRS § 431:19-109(a)(2) to delete the reference to a repealed section, HRS § 431:19-105. 3. Amend HRS § 431:19-303 to add a new paragraph allowing protected captive cells to be organised in any business form, i.e. C-Corp., S-Corp., Trust, LLC, etc.
Illinois
Etta Mae Credi Domestic Captive Insurance Companies (Article VIIC of the IL Ins Code)
l987 None Yes
There are currently 92 active captives and 20 active cells
19
Yes
172 as of December 31, 2011
Single-Parent Captives: 154 as of December 31, 2011
Group Captives: 18 as of December 31, 2011
10
We have Protected Cells;
however, this is a separate statute from the captive law.
Kansas Kenneth Abitz
K.S.A. 40-4301 et seq. Captive Insurance Companies
1988 Last amendment in 1990 No One pure captive
We have one active pure captive and one industrial insured captive in run-off.
No licences have been issued for several
years. Same tax as any domestic insurer.
None
88 CICA | Forty years of captive leadership
UNITED STATES OF AMERICA
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