US CAPTIVE DOMICILE ROUND-UP
STATE
NAME OF REGULATORY CONTACT
KANSAS
Sherry L. Behzadi
NAME OF CAPTIVE LEGISLATION
K.S.A. 40-4301 (Article 43—Captive Insurance Companies)
YEAR
LEGISLATION PASSED
1988 None
RECENT AMENDMENTS
DOES STATE ALLOW CELLS?
No
TOTAL
NUMBER OF LICENSED CAPTIVES
1
LICENCES GRANTED IN PAST YEAR
0
CAPTIVE TAX RATE
Varies from year to year; it is the same as the premium tax rate for all insurance companies licensed.
KENTUCKY
Russell Coy II KRS Chapter 304, Subtitle 40, Captive Insurers
2000
2005 amendments to captive law enable special purpose captives, agency captives, and clarify treatment of protected cells.
Yes
103
38
Captive insurer tax paid in lieu of other state taxes, on or before March 1 in each year; a tax at the rate of four-tenths of one percent (0.4%) on the first $20 million; (0.3%) on the next $20 million; (0.2%) on the next $20 million; and (0.075%) on each dollar thereafter; minimum tax of $5,000. For assumed, see KRS 304.49-220.
LOUISIANA
Tammi Williams
Captive Insurers Law 2008 None No 1 1
Captive insurers are subject to the same tax rates applicable to admitted property and casualty insurers writing similar lines of business. The tax rates vary depending upon the volume of premium written.
MAINE
Alex Bourne Title 24-A, Chapter 83, Captive Insurance Companies
1997
In 2009, Maine modernised its captive law. In 2010, new legislation will make captives eligible for Pine Tree Development Zone benefits. The benefits include a 100% state income tax credit.
MICHIGAN
David Piner Senate Bill 1061 2008 None Yes 0 0
No premium tax. All captive insurance companies are subject to ordinary state income tax. 2010 legislation provides captive insurance companies, domiciled in the state of Maine, a 100% Maine Corporate Income Tax credit.
Yes
2
1
Michigan does not have a captive tax rate. Michigan does have a renewal fee that is based upon premium volume.
MISSOURI
John Rehagen
Captive Insurance Act, Chapter 379.1300-1421 RSMo
01/08/07
Revised Aug 2009. Key provisions: added reciprocal formation for association captives, removed investment requirements in Missouri, expanded the definition of admitted assets, clarified alien company redomiciling.
MONTANA
Steve Matthews
Captive Insurance Companies
2001
Added reinsurance captives to the formations available. The reinsurance captive can be formed with minimum capital/surplus of $125,000. The reinsurance captive is ideal for agency-type captives.
NEVADA*
Gary Cooper Title 57 – Insurance, Chapter 694C – Captive Insurers
1999
In 2007, the Nevada Legislature combined the capital and surplus requirements by repealing NRS 694C.260 (surplus).
NEW YORK* Jody T. Wald Article 70 of the New York Insurance Law
*information based on last year’s findings
54 US Captive . April 2010
1997 None
No
6
3
Direct Premium: $0-20 million, 0.380%; $20-40 million, 0.285%; $40-60 million, 0.190%; $60 million+, 0.072%. Minimum tax $7,500; maximum $200,000.
Yes
47
16
Direct premium: 0.4% on first $20 million; 0.3% on subsequent premium. Premium tax is capped at $100,000 annually. Minimum annual premium tax is $5,000. Assumed premium: 0.225% on first $20 million; 0.15% on next $20 million; 0.05% on next $20 million; 0.005% on subsequent premium. Annual premium tax is capped at $100,000. Minimum annual premium tax is $5,000.
Yes,
enacted in 2005.
134 19
Direct premiums: $0-$20 million, 0.4%; $20-$40 million, 0.2%; over $40 million 0.075.
No
50
6
Direct premiums: $0-20 million 0.4%; $20-40 million 0.3%; $40-60 million 0.2%; over $60 million 0.075%.
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