Captive Domicile Showcases

Showcases: General overview of captive domiciles submitted by each domicile


Fast Links to Domicile Legislation (along with editorial notes)

Non-US Domiciles:

[Editor's note: A few of these links were so long that formatting issues forced us to substitute a text message, "Click here for link" rather than printing the actual link. We hope this does not inconvenience you.]

Aland Aland has revised its government/regulatory website, and a search no longer produces any information on captive insurance. Pleasecontact usif you have information on this domicile that we can share with captive.com visitors.
Anguilla The Anguilla insurance website is well-designed and easy to navigate. Download Revised Statutes of Anguilla
Bahamas Easy access to all captive-related info!
Bermuda http://www.bermudalaws.bm/. All official Bermuda laws (full text) are on this site.
Also see http://www.bma.bm/legislation/SitePages/Insurance.aspxand
BMA Statistical updates
BVI Effective 1 February 2010
British Columbia, Canada http://www.fic.gov.bc.ca/statutes.htm
For full text of captive law, see http://www.qp.gov.bc.ca/statreg/stat/I/96227_01.htm

Also see: http://www.canadiancaptive.com/Default.aspx?pageId=310245for the Insurance Act and Regs as supplied by the CCIA.

Cayman Islands http://www.cimoney.com.ky/regulated_sectors/reg_sec.aspx?id=92&ekmensel=e2f22c9a_14_82_btnlink. From this page, you will have access to all the information you will need to domicile your captive in the Cayman Islands. Easy to navigate -- congratulations, Cayman!
Cook Islands Captive Insurance Act 2013.This is apparently not a final version, since the capital and surplus numbers are not included in the legislation. The only numbers I was able to find were penalties and fines for various infractions. I am not yet able to locate regulations, an application, or a primary contact to keep us all up to date with news from Cook Islands.

Cook Islands Financial Services Development Authoritywill be the regulatory body licensing and overseeing captives in the jurisdiction. Jennifer Davis, CEO of the Cook Islands Financial Services Development Authority and Paul Heckles, Commissioner of the Financial Supervisory Commission would appear to be good contacts. The phone numbers cited on their website are (682) 21-175 / (585) 861-1160. No e-mail links are given on the website.
Gibraltar Official regs are available at no cost at http://www.gibraltarlaws.gov.gi
Guam This is all we have for now. We have no idea where you would send a completed appplication at this point.http://www.guamcourts.org/CompilerofLaws/GCA/22gca/22gc023.PDF

Guernsey GFSC Legislation and Guidance. More info is available upon keying "captive" into the website's search engine.
Hong Kong Download legislation

Captive insurance in Hong Kong- This is the link to general info and links, but you would need to dig to find the legislation; hence, we provide it above.

Ireland The Central Bank of Irelandwebsite has a great deal of information, but the navigation is painful. We would suggest that the best option is to key "captive" into the search engine box, which will give you a good list of pdf documents that are helpful.
Isle of Man http://www.gov.im/ipa/insurance/InsuranceRegulations.xml
Official regs online. Also, includes proposed regs and who to contact if you have comments.
Jersey http://www.jerseylegalinfo.je/Law/LawsInForce/alphabetical.aspx
You can link from the Financial Services Commission sitehttp://www.jerseyfsc.org/under insurance.
Official regs online.
Labuan New captive website is here:http://www.lfsa.gov.my/labuan-captive1.

From that page, there is a link to legislation and guidelines that will take you here:http://www.lfsa.gov.my/5
Liechtenstein The jurisdiction does license captives, but we are unable to locate a link to their legislation.
Luxembourg All products and services are available here:http://www.luxembourgforfinance.lu/products-services. Search on "captive insurance" for a number of helpful articles.

A brief introduction to reinsurance captives in Luxembourg is available from this link:http://www.luxembourgforfinance.lu/entrepreneurs-corporate/reinsurance

Regulations are posted in French here:http://www.commassu.lu/FR/documents/reglements.asp

Malta All new info, posted October 2010.
Mauritius
Nevis The new Financial Services Regulatory Commission website has a search box where you can enter the word "captive." The result gives you legislation, application form, fees, and more.Use this linkto give that resource a try.
New Zealand Summary:http://www.nzcia.org.nz/legislation.htm
New Zealand's insurance legislation is called the "Insurance Companies Deposit Act." It does not distinguish between a captive and a normal New Zealand insurance company. The environment is favourable for captive insurance companies.

Prudential Supervision Act

Panama http://www.mici.gob.pa/base.php?hoja=homepage
Website is entirely in Spanish. Should you need assistance with translation,we can help locate someone who can assist.
QFCA - Qatar Financial Centre Authority Legislation and Forms
Captive Insurance Brochure
Singapore Updated 5/22/13 - Useful links from the Singapore Monetary Authority website:
St. Kitts To St. Kitts Financial Services Law Library
Download Captive Legislationand other insurance acts from this page
St. Lucia http://www.saintluciaifc.com/pdf/legislation2008/intl_insurance_cap1215.pdf
Turks & Caicos The T&C website is done in "frames," so we cannot give you a direct link to their legislation on the website. Visit Turks & Caicos and select "insurance" from the top menu. You will see the link to the legislation and more. For your convenience, we have downloaded a copy of the 2004 legislation in pdf. This is correct as of November 2007, but we may not know when T&C updates this, so before relying on this document, be sure to check the website to ensure that this is the most recent legislation.
Vanuatu To Vanuatu Captive Insurance Website
All legislation, regs, apps, etc. are available in English and French. A well-organized, easy-to-navagate website!

 


Fast Links to US Domicile Legislation

Federal Reg. FEDERAL LIABILITY RISK RETENTION ACT OF 1986, 15 USC 3901-3906 (1981, as amended 1986), downloadable in pdf
Alabama Links to captive-related information and application forms
Download captive law:http://www.aldoi.gov/PDF/Legal/ACT06509SB0305.pdf
Arizona http://www.azleg.state.az.us/ArizonaRevisedStatutes.asp?Title=20.
Scroll down the page to Article 14, Captive Insurers. All the links that you will need are at that location.

May 2009, also see ARIZONA CAPTIVE INSURANCE DIVISION REFERENCE GUIDE

Arkansas http://www.insurance.arkansas.gov/finance/captivepage.htm
A well-organized website that gives clear links to all regs as well as contact information.
Colorado http://www.dora.state.co.us/insurance/regs/2-3-1.pdf
Connecticut Captives information and licensing info, including legislation, may be found here:http://www.ct.gov/cid/cwp/view.asp?a=1261&pm=1&Q=435330

CT captive home page is here:http://www.ct.gov/cid/cwp/view.asp?a=1261&Q=515620

Delaware
District of Columbia All links available from the new District of Columbiacaptives main page.
Florida

8/23/13: Here is a summary of several updates to the Florida captive insurance legislation that are now posted on theWorkers Compensation Institutewebsite. Gov. Rick Scott signed these bills into law on June 14th.

Most of the bills summarized on this page were effective as of July 1, as noted in the summaries, although some do not take effect until October. Links to the full legislation are provided.Take me there now.

It doesn't appear that the new bills cited above have been folded into the state's website as of 8/23/13, but we are confident that this will happen soon. Just about everything you need is available fromthis page. Great website, Florida!

Georgia Downloadable pdf files, posted October 2006. Please check with your local captive consultants for any subsequent changes to the captive law or regulations before proceeding with your captive:

GA Captive Legislation
GA Captive Regulations
Application for a Captive Insurance Company in the State of Georgia

Hawaii http://www.capitol.hawaii.gov/hrscurrent/Vol09_Ch0431-0435E/hrs0431/HRS_0431-0019-0101.htm. Also see the Hawaii Captive Law page on the HCIC website, which is excellent:http://hawaiicaptives.com/hawaii-captive/hawaii-captive-law/
Kentucky Kentucky. This link takes you to the main page for Kentucky Captive Insurance. The links to all captive-specific information are clear, and the website is extremely well-done. We suspect this has something to do with the enormous initial success of the domicile!

For a direct link to statutes and regs,follow this link.

Oklahoma Fromhere, you will find links to everything you need in Oklahoma.
Maine Links to forms
Maryland Legislation has passed both houses in mid-March 2013. Link to legislation is coming soon!

Michigan
Captive application information and insurance forms on DIFS website -http://www.michigan.gov/difs/0,5269,7-303-13044_13199---,00.html

The legislation for captive insurers in the State of Michigan was enacted by Public Act 29 of 2008 adding Chapters 46, 47 and 48 to the Michigan Insurance Code.

Ch. 46http://www.legislature.mi.gov/(S(wvlhugeu4dbsjyapzrbtr2mm))/mileg.aspx?page=getObject&objectName=mcl-218-1956-46

Ch 47http://www.legislature.mi.gov/(S(wvlhugeu4dbsjyapzrbtr2mm))/mileg.aspx?page=getObject&objectName=mcl-218-1956-47

Ch 48http://www.legislature.mi.gov/(S(wvlhugeu4dbsjyapzrbtr2mm))/mileg.aspx?page=getObject&objectName=mcl-218-1956-48
Missouri This linkleads to the Missouri Captive Insurance Program page. Here, you will find a terrific menu leading to everything you will need to explore captive formation in Missouri. Our congratulations to Missouri on a job well done!
Montana Follow this linkto Montana captive insurance legislation, forms, regs, history of captive legislation -- all on a well-designed page.
New Jersey Captive Insurance Laws and Regulations.
New York All links for New York State captive insurance formation, including legislation and regs, may be found here:http://www.dfs.ny.gov/website3/captives/captive0.htm
Nevada Nevada Division of Insurance home page. Everything you need is right there.
New Jersey Follow this linkfor all the information you need on captive insurance company formation in New Jersey. Our kudos go out to New Jersey for a great job on the website. Very easy to navigate!
North Carolina North Carolina Captivesmain page, with easy access to everything you need.
Direct link tolegislation pageordownload pdf
Filing requirements and forms
Oregon Captive legislation signed into law on March 27, 2012. Links to everything you need may be found here:http://www.cbs.state.or.us/external/ins/captive/index.html
Puerto Rico http://ocs.pr.gov/ocspr/index.php?option=com_content&view=article&id=22&Itemid=27(Spanish and English information)
http://ocs.pr.gov/enocspr/index.php?option=com_content&view=article&id=21&Itemid=5 (English article)
An easy-to-navigate page with both summary data and specific legislation and regs in English and Spanish.
Rhode Island http://www.dbr.state.ri.us/documents/rules/insurance/Refiled-Regulation95.pdf
Downloadable pdf file with all you need to know.
South Carolina South Carolina launched a new website with much-improved navigation and accessibility! We love it!

For easy-to locate captives information, use this link:
http://captives.sc.gov/

Tennessee January 2012: Rules, databased searchable, downloadable captive laws, forms, contacts, and a wealth of information are now available on the Tennessee Insurance Division - Captive Insurance pages here. This is a great website that is clear and easy to navigate.
Texas June 2013:Text of legislationpassed in June 2013. We will post link to regs when it becomes available
Utah The newUtah Captive Insurancewebsite was launched on April 5, 2013. Navigation is easy, and you'll find all the contacts, laws and regs you need, along with some of the "softer" info you might like about the domicile. Excellent job on this website!
Vermont Laws and Regulations














Other Valuable Domicile Resources:

  • December 10, 2013: Domicile selection is crucial to anybody considering a new captive or redomiciling an existing captive. Help is here! Offshore or Onshore? Taxes, regulations, infrastructure and perception all need to be considered when choosing a captive domicile. In this article, Conor Jennings from Captiva Managers gives a four-way test to assist you in selecting the domicile that is right for your captive.

  • September 2013 Printable list of US captive domiciles as of 8/1/13. If I missed anything, or if you hear of new states considering captive legislation, please let me know and I will update as needed. 

  • April 2013 Featured Article: In light of this week's news that the Delaware Tribe of Indians has established an onshore/offshore captive domicile (Delaware Tribe to Launch New Captive Domicile Program
  • March 2013 Featured Article: Another US domicile on the way? Maybe. Here's a bit of info about Maryland's proposed captive insurance study:  http://mgaleg.maryland.gov/2013RS/fnotes/bil_0005/hb1205.pdf.

  • June 29, 2012: Should your captive redomicile to the US? A recent poll in the Captive Review group on LinkedIn.com suggested five reasons to explain why captives are domiciling more in the United States, and asked members to rank them. The poll sparked a spirited conversation, with industry professionals agreeing or questioning any or all of these are reasons to redomicile, while suggesting other reasons could also contribute.

    Len Crouse, JLT Towner Group US Partner and a former long-time Vermont captive regulator, has his own take on the subject, based on his experience on both sides of the captive management table.

  • November 9, 2011: Guernsey remains an attractive proposition by Peter Niven, Chief Executive of Guernsey Finance. Captive managers continue to view Guernsey as an attractive domicile – and there is new evidence to support the claim.

  • April 29, 2011: Cayman Islands Captive Industry Fact Sheet, published by IMAC. "As part of IMAC’s initiatives, IMAC’s Research and Development Committee has created a Fact Sheet on the Cayman Islands.  This document was created to provide a factual snapshot of the 2nd largest captive domicile in the world, the Cayman Islands.  Most people know that it’s the domicile of choice for medical malpractice captives, but did you also know that numerous other captive and alternative risk structures are also located in Cayman?  That that Cayman Islands are involved with a number of international regulatory associations?  That we did not experience any banking failures during the recent worldwide economic decline?  In fact, the Cayman Islands were recently assessed as having a well developed regulatory and legal framework..." [Download now]

    [Editor's note: Cayman's 2010 Fact sheet is still available from a link below, for comparison purposes] 

  • April 27, 2011: The Arizona Edge, written by Stephanie Lefkowski, is an in-depth look at Arizona as a captive domicile -- past, present, and future. The article gives statistical data from 2002 to the present, comparing Arizona to other domiciles, and even breaking down licensed captives into industry groups. Stephanie closes with a helpful outlook on the future of captive regulation in Arizona.

  • April 4, 2011: Latest Malta Info sheet from Stanley Mifsud, General Manager, Island Insurance Management Services Limited. E-mail your questions to Stanley at: [email protected]

    "It is my pleasure to forward you our latest info sheet dealing with the introduction of a 15% Tax rate for financial services expatriates in Malta.  This latest development aims at further enhancing Malta’s financial services sector and support the growth of Malta as a preferred European domicile for the establishment of captive, insurance and reinsurance operations..." [Download now]

  • March 22, 2011: Qatar Financial Centre Authority Publishes New Research on Reinsurance in the Gulf -- GCC Reinsurance Barometer Shows Reinsurance Capacity Expected to Grow as Major Companies Position themselves for Future Growth.

  • December 20, 2010: We have just posted a fine article written and shared with us by Ed Ianni, who currently serves as the director of strategic development for the State of Delaware Department of Insurance. This article was first published in the current issue of Voluntary Benefits Magazine.Innovation at Work: Employers Creating Their Own Captive Insurers describes the evolving crossroads of benefits, captive risk management and capital planning. Ed articulates clearly and precisely how the Series LLC captive structure available in Delaware can become a powerful tool for the captive owner. 

  • December 3, 2010: Regulatory Bulletin 2010-03 -- NAIC Accreditation Requirements for Risk Retention Group Captives. Published by the Captive Division, Arizona Department of Insurance

    "The purpose of this Regulatory Bulletin is to notify you of new National Association of Insurance Commissioners’ (NAIC) accreditation requirements applicable to risk retention group captives (RRG captives). This Bulletin relates solely to requirements for RRG captives and does not apply to any other captive insurers. Arizona Department of Insurance Regulatory Bulletin 2005-7 is hereby amended, and superseded if inconsistent, by this Bulletin solely as it relates to RRG captives compliance with the specific provisions of Title 20 discussed herein..."

  • September 22, 2010: From the recent SCCIA Conference, download a luncheon slide presentation delivered by Marsh Management Service's Robert L. Johnson on behalf of the South Carolina Captive Insurance Association -- South Carolina Captive Economic Impact Report.

  • September 22, 2010: The Delaware Advantage by Ed Ianni. This article appeared in the July 2010 edition of Captive Review. Captive.com is grateful to our friends at Captive Review for allowing us to share this article with our readers. 

    The article discusses the unique synergy of captive risk management, trust and estate planning and family and business capital planning, utilizing some of the exportable Delaware advantages. 

  • July 27, 2010: "An Open Letter to Sen. Carl Levin" from Anthony Travers, O.B.E., Chairman, Cayman Finance.

    "...Your Support for the group callling itself 'Business and Investors Against Tax Haven Abuse' necessitates this response. Your endorsement of that organization's recent report well might lend credibility to statements that are in error and recommendations that are misguided..." [Download full letter]

  • May 15, 2010, Updated Version: Freedom in Captivity. This well-written white paper was written by Jan Dash and Herman Liburd from the law firm of Liburd and Dash. A portion of the paper is specific to the captive domicile, Nevis, but the vast majority of it comprises a cohesive "Captives 101" summary, which is always in high demand at captive.com.

  • May 10, 2010: The NzCIA's Peter Lowe was asked to present an overview of the New Zealand Captive Insurance Industry to the IFSD Committee. The IFSD Committee is the Prime Minister of New Zealand's Task Force to review the opportunities for New Zealand with the creation of a Financial Service Hub. Follow this link to the NzCIA website's news page to download this presentation and view other articles of captive insurance interest.

  • March/April 2010: Key Themes from the 2009 Cayman Captive forum -- Captive Insurance in the Cayman Islands: Stability in a world of uncertainty. In continued support of the successful Cayman Captive Forum, this successful event's main sponsor, -- KPMG -- has kindly provided a highlights brochure covering the key themes of the 2009 conference. The publication provides an overview of key topics for all to read and for those who attended, a useful reminder of the discussions and educational topics that took place. 

  • 23 March 2010: Guernsey retains world leader status for captive insurance. ""Two new studies have reaffirmed Guernsey’s position as the leading captive insurance centre in Europe and among the top four in the world...." [To full story]
  • May 11, 2009: From the Arizona Department of Insurance, you can now download the ARIZONA CAPTIVE INSURANCE DIVISION REFERENCE GUIDE in pdf. This document is only a guide intended to assist you in the formation and ongoing operation of a captive insurance company in Arizona.
  • March 6, 2009: Cayman Islands Regulatory Announcements. Our thanks to Kerr, Russell & Weber for sharing this important update with captive.com's readers.