DOMICILE ROUNDUP
Captive tax rate
Captive insurer tax paid in lieu of other state taxes, on or before March 1 in each year; a tax at the rate 0.4% on the first $20 million; 0.3% on the next $20 million and 0.075% on each dollar thereafter; minimum tax rate of $5,000. For assumed see KRS 304.49-220.
Same as other domestic insurers. Tax Charts located at
www.ldi.state.la.us/ FinancialSolvency/Surplus_Lines/
admitted.html
Premium tax repealed. Recent legislation provides for an income tax and also the eligibility to receive a 100% Maine Corporate Tax credit for 10 years (see above).
Michigan does not have a captive tax rate. Michigan does have a renewal fee that is based on premium volume.
Minimum capitalisation rate
Pure, special purpose $250,000; all others $500,000
Licensing fees $600
Industry sectors best represented in the domicile
Diversified
Number of single- parent captives
115
Number of group captives
12
$1,000,000
$250,000 - pure captive; $750,000 - association captive insurance co.; $500,000 - industrial insured captive insurance co.; $500,000 - sponsored captive insurance co.
Pure captive $150,000; Association captive insurance company incorporated as a stock insurer or organised as a limited liability company $400,000; Association captive insurance company incorporated as a mutual insurer $750,000; Industrial insured captive insurance company incorporated as a stock insurer or organised as a limited liability company $300,000; Sponsored captive insurance company $500,000; Non-profit pure captive insurance company $250,000; SPFC $250,000
Direct premium: $0-20 million – 0.38%, assumed premium - 0.214%; direct premium: $20-40 million - 0.285%, assumed premium - 0.143%; direct premium: $40-60 million - 0.190%, assumed premium - 0.048% and direct premium $60+ million - 0.072%, assumed premium - 0.024%. Minimum tax $7,500, maximum $200,000
Direct Writings - 4% on first 20 million of premium, .3% on subsequent writings. Premium tax is capped at $100,000. Reinsurance: .225% on first 20 million assumed, .15% on next 20 million assumed, .05% on subsequent assumptions. Premium tax is capped at $100,000.
Two-fifths of 1% on the first $20 million of net direct premiums; one-fifth of 1% on the next
$20 million of net direct premiums; and seventy-five thousandths of 1% on each additional dollar of net direct premiums. Tax at a rate of: two hundred twenty-five thousandths of 1% on the first $20 million of revenue from assumed reinsurance premiums; one hundred fifty thousandths of 1% on the next $20 million of revenue from assumed reinsurance premiums; and twenty-five thousandths of 1% on each additional dollar of revenue from assumed reinsurance premiums.
.38% of first $20 million; .285% of next $20 million; .19% of next $20 million; .072% each dollar thereafter on direct premiums, lesser similar percentages on assumed reinsurance
Direct Business - premiums: $0-20 million, section 1502-b tax rate: .4%; premiums: $20-40 million, section 1502b tax rate: .3%; premiums: $40-60 million, section 1502b tax rate: .2%; greater than $60 million, section 1502b tax rate: 0.75%. Reinsurance assumed - premiums: $0-20 million, section 1502-b tax rate: .225%; premiums: $20-40 million, section 1502b tax rate: .15%; premiums: $40-60 million, section 1502b tax rate: .05%; greater than $60 million, section 1502b tax rate: 0.25%.
On a sliding scale of .075% to .40% of Net Direct Written Premium
Pure captive $250,000; association captive $750,000; industrial insured captive $500,000; sponsored captive $500,000. Commissioner may prescribe additional capital and surplus based on type, volume and nature of insurance business transacted.
Capitalisation: $250,000 for pure captives and $500,000 for group captives.
Legislation states Commissioner MAY establish by regulation fees necessary for administration of this act.
To be determined N/A N/A
Combined capital and surplus: pure - $250,000; industrial insured - $500,000; association - $750,000; branch - $250,000 and special purpose life reinsurance - $250,000
$2,500
$1,000 Application Fee; $100 Annual Renewal Fee; $100 Annual Statement Fee and $350 Reinstatement Fee
$10,000
N/A N/A
One None
None One
Four
One
$7,500 licensing fee which is fully deductible from premium tax.
Life insurance, manufacturing, healthcare
10
One
Pure captives - $250,000; Reinsurance captives - $125,000; Association Captives - $750,000; Industrial Insured and Risk Retention Groups - $500,000; Protected cell captive insurance company $500,000 or $250,000 if the core does not assume risk, if risk in cells is homogeneous, and if there are less than 10 cells.
Licensing fees: $200 initial licence fee, $300 annual renewal fee.
$200 initial licence fee, $300 annual renewal fee.
Medmal, contractors’ liability, and general purpose.
53
15 (risk retention groups)
$250/$300
90
30
An incorporation fee is charged. The fee is based on a percentage of the par value of the stock.
Real estate
46
None
$500,000
$300
Property and casualty in Oklahoma
One
None
CICA | Forty years of captive leadership
91
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