Missouri Department of Commerce and Insurance

As a captive insurance company domicile, steady growth is an apt description for the state of Missouri.

The number of captives licensed in Missouri has increased by nearly 40 percent since 2015, with 74 captives at the end of 2020, while captive premium volume last year was $3.2 billion, down from $3.5 billion in 2019.

Missouri captive regulators expect more growth in the months ahead. 

"This year with the hardening market I have already been contacted by several captive managers about possible applications," said John Talley, the former captive program manager for the Missouri Department of Commerce & Insurance in Jefferson City, Missouri, who left that position in March to start his own captive consulting firm, TAL Consulting in Jefferson City, Missouri.

Mr. Talley attributes Missouri's captive insurance company growth to several factors, including the state's location in the central part of the United States as well as the easy accessibility of captive regulators.

Others agree with that assessment. "Regulators are very approachable and easy to work with," said Alan Fine, a partner with the accounting firm of Brown Smith Wallace LLP in St. Louis and president of the Missouri Captive Insurance Association.

Mr. Talley "is very responsive and clearly lays out what we need to do," adds Josh Miller, CEO of KeyState Captive Management in Las Vegas, which manages a couple of captives in Missouri for community banks, as well as dozens of captives in other domiciles for community banks.

At the same time, state lawmakers have played a key role in boosting the appeal of Missouri as a captive domicile through amendments to the state's 2007 captive statute.

"Lawmakers, generally speaking, have been very receptive to changes," Mr. Fine said, adding that prospective and current captive sponsors would more likely go to other domiciles if Missouri did not keep its captive statute up to date and attractive.

Those legislative changes go back many years. For example, legislation passed in 2013 authorized captives with segregated cells.

Missouri's captive insurance company premium taxes are competitive with other domiciles. For example, the annual tax on captives' premiums is 0.380 percent on the first $20 million in premiums, 0.285 percent on premiums between $20 million and $40 million, 0.190 percent on premiums between $40 million and $60 million, and 0.072 percent on premiums exceeding $60 million. The minimum annual premium tax is $7,500, and the maximum premium tax is $200,000.

Capitalization requirements vary by captive type. For example, single-parent and branch captives have to maintain capital and surplus of at least $250,000, with a $500,000 requirement for association and industrial insured captives.

Company Contacts

Captive Program Manager
(573) 522–9932

Mailing Address:
Truman State Office Bldg., Rm. 530
P.O. Box 690
Jefferson City, MO 65102

Captive Domicile Summary

Missouri established captive laws for the first time in 2007. Updates were adopted in 2009 to simplify redomesticating to Missouri and make it a more attractive domicile. The state is home to the headquarters of the NAIC (Kansas City), as well as branch offices of most major accounting and actuarial firms. The Missouri Department of Insurance regulatory staff has significant experience and expertise in captive insurance and reinsurance issues. The state's central geographic location, well-developed infrastructure, and efficient regulatory approach have all contributed to its success as a captive domicile.

The Missouri Captive Insurance Association teams up every year with the Arizona, Nevada, and Utah captive associations to host the Western Region Captive Insurance Conference (WRCIC).

The next conference is scheduled for June 14–16, 2021, in Salt Lake City, Utah. For information about the conference, go to https://www.westerncaptiveconference.org, contact the WRCIC at (480) 289–5769 or email at [email protected] conference.org.

Captive Domicile Statistics

Total Captive Count* Missouri
Year Captives
2020 74
2019 72
2018 71
2017 61
2016 57
*Includes inactive captives and excludes cell captives, which are not currently authorized in Missouri.
Captives' Gross Written Premiums Missouri
Year Premium Volume
2020 $3.2 billion
2019 $3.5 billion
2018 $4.1 billion
2017 $3.9 billion
2016 $3.4 billion