In 2007, Missouri established its captive insurance law to support the business community looking for options in managing their financial risk. This philosophy continues to be the centerpiece for the Missouri Captive Insurance Program today as we look for ways to support a global industry with innovative ideas that encourage growth while also protecting success.
That is why Missouri grades itself not only on the number of active licensed captive companies in our portfolio, but also the total gross written premiums these companies are producing. This combined overview demonstrates if the state is truly encouraging strong captive insurance growth.
As of January 1, 2023, there are 55 active captive companies domiciled in Missouri, with gross written premiums in 2022 of $3.5 billion.
Encouraging captive insurance growth is one element of our philosophy, but another important aspect is protecting the success of our current captive insurance companies. This is accomplished by providing necessary oversight that does not stagnate growth, but rather protects our companies from outside scrutiny.
Missouri provides these services through a simple fee structure that allows the annual fee of $7,500 to be deducted at 100 percent of the estimated premium tax. These funds support dedicated in-house staff that can conduct all necessary services from application to examinations—ultimately reducing a captive company's overall operational costs.
The decision to start a captive insurance company is a big step for any business looking to take control of their financial risk, but an equally important choice is where to domicile. Missouri understands the significance of this selection and encourages every potential or current captive insurance company to review all the information available as you would with any business decision.
We are proud of Missouri's Captive Insurance Program, and we welcome the opportunity to work with more businesses to cultivate this success in our state, where captives grow strong.
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 12–14, 2023, in St. Louis. For information about the conference, go to https://www.westerncaptiveconference.org, contact the WRCIC at (480) 289–5769 or email at info@westerncaptive conference.org.