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Maine Captive Domicile Summary

Maine Seal-SF

While Maine is one of the smallest captive insurance company domiciles in the United States—Maine currently has just three captives—it is a domicile that captive managers give the highest marks.

"Each time we put an issue to regulators, they respond very quickly," said David Critchfield, president of EMSOURCE Inc. in Portland, which manages a Maine captive that provides environmental coverage.

"When we ask a question, we very quickly get a clear answer," Mr. Critchfield added.

Maine captive regulators say the state has several attractions as a captive domicile.

"A captive is established to meet a need. We are very receptive to meeting an insurance need," said Stuart Turney, director of alternative risk with the Maine Bureau of Insurance in Gardiner, Maine.

"We approach things very pragmatically and are very accessible," Mr. Turney added.

Maine has other selling points as a captive domicile. For example, under captive statute, which was enacted in 1997, Maine does not impose premium taxes on captives.

"That is a key attraction," Mr. Turney noted.

 

Captive Domicile Statistics


Total Captive Count*
Maine
Year Captives
2019  3
2018 3
2017 2
2016 3
2015 3
*Does not include cell or inactive captives.

Captive Domicile Contacts


For more information, contact
Alex Bourne
Maine Bureau of Insurance
Alternative Risk Division
#34 State House Station
Augusta, Maine 04333–0034
Phone: (207) 624–8447
Email: [email protected]

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