DOMICILE ROUNDUP
State
South Dakota
South Carolina
Name of regulatory contact
Wendell Malsam
Jeff Kehler
Name of captive legislation
Captive Insurance Companies
Captive Insurance Companies Act
Year legislation passed
1996
Recent amendments 2009
Do you allow cells No
Total number of licensed captives
4 captives Four single parent captives
2000
2010. Amended statutes to comply with changes in the NAIC Accreditation Standards
Yes
single parent captives: 123 Group captives: 37
Number of licences granted in past year
None
Nine
Tennessee
Larry Knight
Tennessee Captive Insurance Company Act
1978
None
No
Four
None
Utah
Ross C Elliott
Captive Insurance Companies Act
2003
Special Purpose Financial Captive Insurance Company Act (2008)
Yes
281 licensed captives single parent captives: 233 group captives: 5
Vermont David F. Provost Special Insurer Act 1981
Amended annually, recent changes include updates to sponsored cell structure.
Yes
As of December 31, 2010: 952 licences issued, 572 active
single parent captives: 443 group captives: 147
69
33
Virginia
Jim Ware
Captive Insurers (Chapter 11, Title 38.2 of the VA Code)
West Virginia J. Leah Cooper Captive Insurance and Sponsored Captive Insurance Co Formation
The Bahamas Michele Fields
• External Insurance Act, Chapter 348 (2009 revised statutes) - “EIA”
• External Insurance (Judicial Management) Regulations, 2009
• External Insurance (Forms and Fees) Regulations, 2010
• External Insurance (Capital Requirements for External Insurers, Insurance Managers and External Insurance Brokers) Regulations, 2010
• External Insurance (Classes of Insurance Business) Regulations, 2010
• External Insurance (Variable Insurance Business), Regulations, 2010
1980
2004 (changes proposed for 2011 to comply with NAIC Accreditation standards)
As noted above
None None, see proposed changes
Not addressed in the statute
Yes
None One
None None
None
Yes
15
5
92 CICA | Forty years of captive leadership
THE CARIBBEAN AND BERMUDA
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