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The Captive Domicile of Puerto Rico

Mark Sims-SF
October 29, 2018

A new Captive Thought Leader Video titled "Puerto Rico as a Captive Domicile," featuring Mark Sims, vice president of business development for Captive Alternatives, LLC, has recently been added to the Captive.com video library.  

According to Mr. Sims, Puerto Rico as a captive domicile is unique in the sense that it falls under US federal law, US Customs, and Federal Deposit Insurance Corporation; however, it does have sovereignty that Congress granted in 1952. The Puerto Rico department of insurance falls under the National Association of Insurance Commissioners accreditation rules and is the only non-US state to have this distinction. 

Puerto Rico is the third-largest insurance domicile in Latin America. Given the fact that it has its own taxing authority, captive insurers domiciled in Puerto Rico elect to be taxed there. Since the captive is not electing to be taxed as a US entity, it is not subject to the 831(b) Protecting Americans from Tax Hikes Act (the PATH Act) rules nor is it subject to ownership restrictions or premium limitation—only to what a licensed actuary can justify.

There is no cost to view the videos, and you will find them in the Captive Thought Leader Videos section of Captive.com. More videos will be added in the future.

(Mr. Sims is pictured above.)

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