DOMICILE ROUNDUP
Captive tax rate One-quarter percent, minimum $5,000
Minimum capitalisation rate $200,000
Licensing fees $500
Industry sectors best represented in the domicile
Healthcare
Number of single- parent captives
Two
Number of group captives
None
Direct premiums written: 0.4% of first $20 million; 0.3% on each dollar after that up to a maximum of $100,000. Assumed reinsurance written: 0.225% of first $20 million; 0.150% of next $20 million; 0.050% next $20 million; and 0.025% on each dollar after that up to a maximum of $100,000.
1%
Pure captive, $250,000; association captive, $750,000; industrial insured captive, $500,000; sponsored captive, $1,000,000, but may be $300,000 under certain circumstances; special purpose captive, an amount determined by the director; special purpose financial captive, $250,000.
Pure captive: capital - $400,000, surplus - $350,000; association or industrial insured captive: capital - $600,000, surplus - $400,000; and mutual captive: capital - n/a, surplus - $1 million or $750,000 if it meets TCA 56-13-102(3)(c).
$5,000 annual licence renewal fee in lieu of any premium tax
$250,000 for pure captive insurance company
$300 initial, $500 renewal
Healthcare; finance/banking/ real estate; manufacturing; construction; utilities/power generation; nuclear; and service industries.
$675 filing fee, $515 annual statement fee
Educational institutions, automotive and healthcare
76
Association - 1; risk retention groups - 35
Three
None
$200 application fee; $5000 initial licence fee; $250 e-commerce fee
Real estate, health care, manufacturing, construction, financial services
184
None
Captive tax rate: Vermont premium tax rate (effective January 1, 2004 and for premiums written in calendar year 2004 and thereafter): $0-20 million: direct premiums - 0.38%, assumed premiums: 0.214%; $20-40 million: direct premiums - 0.285%, assumed premiums - 0.143%; $40-60 million: direct premiums - 0.19%, assumed premiums - 0.48% and $60+ million: direct premiums - 0.72%, assumed premiums: 0.24%
In the case of a pure captive insurance company, not less than $250,000; in the case of an association captive insurance company, not less than $500,000; in the case of an industrial insured captive insurance company, not less than $500,000; in the case of a risk retention group, not less than $1,000,000; and in the case of a sponsored captive insurance company, not less than $500,000. The commissioner may prescribe additional capital and surplus based upon the type, volume, and nature of insurance business transacted.
2.25% 4.55% $4,000,000 See 33-31-4
$500 annual
Manufacturing, healthcare, insurance, banking, professional services, construction, retail and energy
432
121
$500 $200
N/A N/A
None One
None None
None
• General insurance business: $100,000
• Long term insurance business: $200,000
• Both long term insurance business and general insurance business: $300,000
1. Application for a license as a Captive Insurer- $100
2. Annual license (Restricted/ Pure Captive Insurer) - $2,500
3. Annual license (Unrestricted Insurer) - $3,500
a) Life and Health b) Banking c) Shipping
8
7
CICA | Forty years of captive leadership
93
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