US CAPTIVE DOMICILE ROUND-UP
STATE
NAME OF REGULATORY CONTACT
ALABAMA
Sean Duke
NAME OF CAPTIVE LEGISLATION
YEAR
LEGISLATION PASSED
Alabama Captive Insurers Act
2006
2008 Alabama Coastal Captive Insurance Company Act
RECENT AMENDMENTS
DOES STATE ALLOW CELLS?
Yes
TOTAL
NUMBER OF LICENSED CAPTIVES
3
LICENCES GRANTED IN PAST YEAR
1
CAPTIVE TAX RATE
Direct premiums: first $20 million 0.4%; next $20 million 0.3%; next $20 million 0.2%; over $60 million 0.075%. Reinsurance: first $20 million 0.225%; next $20 million 0.15%; next $20 million 0.05%; over $60 million 0.025%.
ARIZONA
Stephanie Lefkowski
Captive Insurers Act 2001
HB 2081: insurance; captive insurers; awaiting (Ch. 213) amends A.R.S.
Yes 99 7
No premium tax on Arizona domestic captives.
ARKANSAS Kimberly Johnson
Acts 2001, No. 1391, § 1
2001
2003, No. 466 (SB 424), § 1; 2005, No. 506 (SB 369), § 30, eff. 3-2-2005
COLORADO
Raymond Akers
Colorado Captive Insurance Company Act
1972 None
Yes
1
0
See AR Code Ann. 23-63-1614
No
6
0
The greater of $5,000 or one-half of 1% of the first $25 million; plus one-quarter of 1% of the next $50 million; plus one-tenth of 1% of each dollar thereafter of direct premiums collected; plus one- quarter of 1% of the first $20 million; plus one-tenth of 1% of each dollar thereafter of assumed reinsurance premiums.
CONNECTICUT Maura Welch Public Act 08-127—an Act Concerning Captive Insurance Companies
2008 None No 0 0
Tax on direct premium: 0.380% on first $20 million; 0.285% on next $20 million; 0.190% on next $20 million; 0.072% thereafter. Premium taxes are subject to a minimum of $7,500 per year and a maximum of $200,000 per year.
DELAWARE
Steve Kinion Delaware Code; Title 18, Insurance Code; Chapter 69, Captive Insurance Companies
Mid 1980s None Yes 51 8
Direct premium: two-tenths of 1% with a minimum tax of $5,000. Assumed reinsurance: one-tenth of 1% with a minimum tax of $5,000.
DISTRICT OF COLUMBIA
Dana G. Sheppard
The Captive Insurance Company Act of 2000
2000
None
Yes
107
19
0.250% on the first $25 million of direct premium; 0.015% on $25-$50 million of direct premium; 0.050% over $50 million of direct premium. For risk retention groups (RRGs) licensed as captives: 0.380% on the first $20 million of net direct premium; 0.250% on $20-$40 million of net direct premium; and 0.180% over $40 million of net direct premium.
HAWAII
George W. Sumner III
Act 253, Session Laws of Hawaii, 1986
1986
Housekeeping and clarification amendments for investments and special purpose financial captive insurance companies (SPFCIC).
ILLINOIS
Etta Mae Credi
Domestic Captive Insurance Companies— an Article in the IL Ins Code, Article VIIC
None Yes 163 4
0.25% on premiums from $0 up to $25 million; 0.15% on premiums from $25-$50 million; 0.05% on premiums from $50-$250 million; 0% on premiums over $250 million. No minimum premium tax. Maximum premium tax of $200,000.
No 1 0
Premium tax of 0.05% pursuant to Section 409 of the IL Ins Code (taxed the same as all domestic/foreign/alien insurers).
52 US Captive . April 2010
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