Captive Structure type filter selection
Learn more about Captive structures and how to choose the right one
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Alabama
2006
Unavailable
Unavailable
Unavailable
15-30 days
Unavailable
Average Cost
Commissioner discretion based on type / nature / volume of business; Single-Parent, $250,000; Association, $500,000; Industrial, $500,000; Cell, $250,000; Reciprocal, $1,000,000
Commissioner discretion based on type / nature / volume of business
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Reinsurance; Reciprocal
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-86.79113
32.806671
us-onshore
Text Link
Anguilla
Unavailable
Unavailable
$705,175,654
Unavailable
3-4 weeks
Unavailable
Unavailable
Unavailable
1.9:1
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies;
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-63.068615
18.220554
us-offshore
Text Link
Arizona
2002
Unavailable
$11,960,000,000
Unavailable
30-45 days
No routine exams except for Captive RRGs (generally every five years)
Varies
Single-Parent, $250,0000; Group, $500,000; Association, $500,000; Agency, $500,000; Protected Cell, $500,000
Varies based on risk profile
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups
176
151
5
10
Unavailable
5
-111.093735
34.048927
us-onshore
Text Link
Arkansas
2001
Unavailable
$397,454,000
$1,037,000,000
30 - 60 days
Unavailable
Unavailable
Association, $400,000; Industrial Insured, $200,000; Single-Parent, $100,000; Special Purpose, $300,000; Sponsored, $250,000; Producer Reinsurance, $300,000
Single-Parent and Industrial Insured not subject to any restrictions on allowable investments; Single-Parent, $150,000; Association (Stock), $350,000; Mutual insurer, $750,000; Industrial Insured, $300,000 (Stock), $500,000 (Mutual); Special Purpose, $300,000; Sponsored, $250,000; Producer Reinsurance, $300,000
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
16
12
Unavailable
Unavailable
Unavailable
2
-92.289597
34.746483
us-onshore
Text Link
Australia
Unavailable
Unavailable
Unavailable
Unavailable
3 months
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
133.775136
-25.274398
international
Text Link
Bahamas
Unavailable
Unavailable
Unavailable
Unavailable
30 - 60 days
Unavailable
Unavailable
General Insurance Business, B$100,000; Long-Term Insurance Business: B$200,000
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-77.39628
25.03428
us-offshore
Text Link
Bailiwick of Guernsey
Unavailable
5
Unavailable
Unavailable
4 - 6 Weeks
Unavailable
Unavailable
General Business, €100,000; Long Term Business, €250,000
Risk-based solvency regime tailored to Captives
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
Unavailable
138
Unavailable
Unavailable
123
61
-2.58949
49.448196
international
Text Link
Barbados
Unavailable
Unavailable
Unavailable
Unavailable
3 weeks
Unavailable
Unavailable
Class 1 (related risks), $125,000
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-59.543198
13.193887
us-offshore
Text Link
Bermuda
1978
16
$28,271,000,000
$144,744,000,000
2-4 weeks
Unavailable
Unavailable
Single-Parent (Class 1), $120,000; Group/SPC (Class 2, with <20% Third-Party business), $250,000; SPC/Group/Association/Agency (Class 3, with 20% to 50% Third-Party business), $1,000,000
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-64.75737
32.321384
us-offshore
Text Link
British Columbia
Unavailable
Unavailable
Unavailable
90 days or less
Unavailable
Unavailable
Single-Parent/Association/Sophisticated, CAD300,000
Unavailable
Single-Parent; Association
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-127.647621
53.726669
international
Text Link
British Virgin Islands
Unavailable
Unavailable
Unavailable
Unavailable
3-6 weeks
Unavailable
Unavailable
Property & Casualty Insurers, $100,000; Life & Health Insurers, $200,000
Property and Casualty Insurers (<$500,000 in new written premiums), $100,000; Property and Casualty Insurers ($500,000-$5,000,000 in new written premiums), 20% of NWP; Property and Casualty (>$5,000,000), $1,000,000 + 10% of the difference between NWP and $5,000,000); Life and Health Insurers, $250,000
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-64.639968
18.420695
us-offshore
Text Link
Cayman Islands
Unavailable
41
$14,100,000,000
$48,600,000,000
6 weeks or less
Unavailable
Unavailable
Class B(i) (At least 95% related business premium), $100,000; Class B(ii) (Over 50% related business premium), $150,000; Class B(iii) (50% or less related business premium), $200,000
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
Unavailable
286
127
Unavailable
Unavailable
154
-81.2546
19.3133
us-offshore
Text Link
Colorado
Unavailable
Unavailable
Unavailable
Unavailable
90 days
Unavailable
Unavailable
Single-Parent, $500,000 (may require additional)
Captive Return Premium Exemption (Section 10-6-128(1) C.R.S.) and Captive Receipt of Assets Exemption (Section 10-6-128(2)(e) C.R.S.)
Single-Parent; Group; Risk Retention Groups
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-105.782067
39.550051
us-onshore
Text Link
Connecticut
2012
10
$801,141,643
$3,248,835,378
1-4 weeks
Unavailable
Unavailable
Commissioner authority to reduced capital amounts based on Captive risk profile; Single-Parent/Special Purpose Financial, $250,000; Sponsored/Sponsored (Licensed as Special Purpose Financial Vehicle), $225,000; Association/Industrial Insured, $500,000; Risk Retention Group, $1,000,000;
Commissioner authority based on Captive risk profile
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
53
31
Unavailable
2
24
17
-73.087749
41.603221
us-onshore
Text Link
Curaçao
Unavailable
Unavailable
Unavailable
Unavailable
60 days or less
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent; Group; Risk Retention Groups
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-68.990021
12.16957
international
Text Link
Delaware
1984, rewritten in 2005
Unavailable
$4,307,000,000
$47,798,000,000
60 days or less
Unavailable
Unavailable
Must be maintained in as cash, irrevocable letter of credit, or any assets as approved by the Commissioner who has discretion to prescribe additional capitalization; Single-Parent, $250,000; Agency, $250,000; Association, $250,000; Branch, $250,000; Special Purpose, $250,000; Industrial Insured, $500,000; Sponsored, $500,000; RRG, $1,000,000;
Maintained in as cash, irrevocable letter of credit, or any assets as approved by the Commissioner who has discretion to prescribe additional surplus
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
670
262
50
1
353
Unavailable
-75.52767
38.910832
us-onshore
Text Link
Denmark
Unavailable
Unavailable
Unavailable
Unavailable
180 days
Unavailable
Unavailable
Long-Term (Direct), €3,200,000; Other (Direct): €2,200,000; Reinsurance Captive: €1,000,000; Reinsurance company: €3,000,000
Unavailable
Single-Parent
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
9.501785
56.26392
international
Text Link
District of Columbia
2000, rewritten in 2004
Unavailable
Unavailable
Unavailable
20 days or less
Unavailable
Unavailable
$100,000 for all companies
Single-Parent, $150,000; Association (Stock), $300,000; Agency/Rental/(Mutual) Captive, $500,000; Protected Cell/RRGs, 3:1; Higher for other Captives
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
194
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-77.03637
38.89511
us-onshore
Text Link
Dubai
Unavailable
1
$71,000,000
$550,000,000
Unavailable
Unavailable
Unavailable
Class 1 (Single-Parent), $150,000; Class 2 (20% unrelated), $250,000; Class 3 (Group), $1,000,000; PCC, $50,000 per Cell
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose
Unavailable
5
Unavailable
Unavailable
Unavailable
Unavailable
55.296249
25.276987
international
Text Link
Egypt
Unavailable
Unavailable
Unavailable
Unavailable
4 weeks
Unavailable
Unavailable
Unavailable
Unavailable
Risk Retention Groups
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
30.802498
26.820553
international
Text Link
Federated States of Micronesia
Unavailable
Unavailable
Unavailable
Unavailable
30 days
Unavailable
Unavailable
Single-Parent (with or without third party risk), $100,000; Multiple Corporate (modified PCC), $1,000,000 Core and $100,000 Cell
1.3 to 1
Single-Parent; Group; Protected Cell/Segregated Portfolio companies
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
150.550812
7.425554
international
Text Link
Florida
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent, $250,000; Industrial, $500,000
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-81.760254
27.994402
us-onshore
Text Link
France
Unavailable
6
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
15
Unavailable
Unavailable
Unavailable
Unavailable
1.888334
46.603354
international
Text Link
Georgia
1989, updated in 2019
Unavailable
$7,100,000,000
Unavailable
30 days or less
Unavailable
Unavailable
Single-Parent, $250,000; Association, $500,000; Agency, $250,000; Industrial Insured, $500,000; and Risk Retention Group, $500,000
Unavailable
Single-Parent; Association; Protected Cell/Segregated Portfolio companies; Risk Retention Groups
56
46
9
Unavailable
Unavailable
1
-82.900075
32.165622
us-onshore
Text Link
Germany
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Non-Life insurers, €2,500,000 (except third-party liability, credit and deposit risks); Non-Life insurers, €3,700,000 (if third-party liability, credit and deposit risks); Life insurers, €3,700,000; Captive Reinsurers, €1,200,000; Life and Non-Life insurance business, €6,200,000 (EU Solvency II Directive)
Unavailable
Single-Parent
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
10.451526
51.165691
international
Text Link
Gibraltar
Unavailable
Unavailable
Unavailable
Unavailable
2-3 months
Unavailable
Unavailable
Solvency II in Financial Services Act 2019 and the Financial Services (Insurance Cos.) Regulations 2020; General Business (by class of business), £2,500,000 or £3,700,000; Long-Term Business, £3,700,000
Directive 2009/138/EC of the European Parliament and of the Council (Solvency II Directive)
Single-Parent; Group; Protected Cell/Segregated Portfolio companies; Special Purpose
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-5.353585
36.140751
international
Text Link
Guam
Unavailable
Unavailable
Unavailable
Unavailable
30-45 days
Unavailable
Unavailable
Single-Parent, $50,000; Group, $100,000; Industrial Insured (Stock), $150,000; Protected Cell, $150,000
Single-Parent, $100,000; Group (Stock), $150,000; Industrial Insured/Group (Mutual insurer)/Protected Cells, $200,000
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
144.793731
13.444304
international
Text Link
Hawaii
1987
14
$17,410,794,567
$34,500,000,000
30 days or less
Unavailable
Unavailable
Single Owner (Reinsurance only), $100,000; Single Owners (Direct & Reinsurance), $250,000; Multi-Owner (Association or Risk Retention), $500,000; Sponsored, $500,000
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
263
237
Unavailable
16
9
10
-155.582782
19.896766
us-onshore
Text Link
Hong Kong
Unavailable
Unavailable
HK$1,754,000,000
Unavailable
Unavailable
Unavailable
Unavailable
HK$2,000,000
Greatest of HK$2,000,000 OR 5% of the net premium income OR 5% of the net claims outstanding
Single-Parent
Unavailable
4
Unavailable
Unavailable
Unavailable
Unavailable
114.169361
22.319303
international
Text Link
Illinois
Unavailable
Unavailable
$5,900,000
Unavailable
Varies
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent; Association
2
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-89.398528
40.633125
us-onshore
Text Link
Ireland
Unavailable
Unavailable
€1,800,000,000
€7,900,000,000
6 months
Unavailable
Unavailable
Set by Solvency II directive based on the outcome of the Solvency II Own Risk and Solvency Assessment
Set by Solvency II directive based on the outcome of the Solvency II Own Risk and Solvency Assessment
Single-Parent
Unavailable
64
Unavailable
Unavailable
Unavailable
Unavailable
-8.24389
53.41291
international
Text Link
Isle of Man
Unavailable
Unavailable
£1,000,000,000
Unavailable
Approximately 8 - 12 weeks
Unavailable
Unavailable
Revised risk-based methodology; Restricted, £50,000 + 10% of net written premium up to £2,000,000 + 5% net written premium after £2,000,000; Reinsurance, £100,000; General, Greater of £150,000 or 15% of net written premium
Revised risk-based methodology; Restricted, £50,000; Reinsurance, £100,000; General, £150,000;
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
Unavailable
87
Unavailable
Unavailable
7
3
-4.548056
54.236107
international
Text Link
Jersey
Unavailable
Unavailable
Unavailable
Unavailable
6 weeks
Unavailable
Unavailable
£100,000 or at discretion of regulator
Property/Casualty, 17.5% of net premiums; Life, 2.5% of long-term business fund
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-2.13125
49.214439
international
Text Link
Kansas
1988
Unavailable
Unavailable
Unavailable
90 days or less
Unavailable
Unavailable
Single-Parent, $100,000; Industrial (Stock), $200,000
Single-Parent, $150,000; Industrial (Stock) $300,000; Industrial (Mutual) $500,000
Single-Parent; Association; Risk Retention Groups; Special Purpose Financial
1
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-98.484246
39.011902
us-onshore
Text Link
Kentucky
2000, updated in 2005
Unavailable
$129,000,000
$77,300,000
3 months
Unavailable
Unavailable
Single-Parent, $250,000; Consortium/Association, $500,000; Industrial Insured, $500,000; Sponsored, $500,000; Agency, $500,000; Special Purpose, $250,000
3:1
Single-Parent; Association; Group; Risk Retention Groups; Special Purpose
32
23
6
3
Unavailable
Unavailable
-84.27002
37.839333
us-onshore
Text Link
Labuan
Unavailable
5
$624,600,000
Unavailable
30 days
Unavailable
Unavailable
A paid-up capital of a Labuan company unimpaired by losses for the following:; Single-Parent/Group/Association/Multiple, RM 300,000; Rent-A-Captive/Cell, RM 500,000
General, The greater of surplus of assets over liabilities equal to or more than the working funds OR 20% of the net premium income for the preceding year; Life, The greater of surplus of assets over liabilities equal to or more than the working funds OR 3% of latest actuarial valuation of the liabilities
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose
Unavailable
37
Unavailable
Unavailable
26
32
115.2305
5.28311
international
Text Link
Liechtenstein
Unavailable
Unavailable
Unavailable
Unavailable
3 months
Unavailable
Unavailable
Premium $146,316,000
$13,600,000 by Solvency II requirements
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
9.555373
47.166
international
Text Link
Louisiana
2008
Unavailable
$424,164,915
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent: $500,000; Association: $1,000,000
Unavailable
Unavailable
3
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-91.962333
30.984298
us-onshore
Text Link
Luxembourg
Unavailable
5
Unavailable
Unavailable
3-6 months
Unavailable
Unavailable
Reinsurance Captives, €1,200,000; Commercial Reinsurer, €3,600,000
Unavailable
Single-Parent; Group
195
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
6.129583
49.815273
international
Text Link
Maine
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent, $200,000; Industrial Insured, $500,000; Association, $750,000; Risk Retention Group, $1,000,000; Sponsored Cell, $750,000
None
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups
3
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-69.445469
45.253783
us-onshore
Text Link
Malta
1997, updated in 2009
Unavailable
Unavailable
Unavailable
10 weeks
Unavailable
Unavailable
Solvency margin set in accordance with European Union directives
Solvency II requirements
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
14.375416
35.937496
international
Text Link
Mauritius
Unavailable
Unavailable
Unavailable
Unavailable
2 weeks
Unavailable
Unavailable
Single-Parent, MUR 3,000,000 (US $86,750); Class 1, MUR 5,000,000(US $144,600); Class 2 & 3, MUR 10,000,000 (US $290,000)
Unavailable
Single-Parent; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
57.552152
-20.348404
international
Text Link
Michigan
2008
Unavailable
$3,020,174,788
Unavailable
30 days
Unavailable
Unavailable
Single-Parent, $150,000; Single-Parent (Non-Profit), $250,000; Association/Group (Stock), $400,000; Association/Group (Mutual), $750,000; Industrial, $300,000; Homogenous Cells, $500,000 ($150,000 if <10); SPFV, $250,000
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
26
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-85.602364
44.314844
us-onshore
Text Link
Missouri
2007
4
$8,600,000,000
$16,300,000,000
30 days or less
Unavailable
Unavailable
Single-Parent, $250,000; Industrial Insured, $500,000; Association, $500,000; Branch, $250,000; Special Purpose Life Reinsurance, $250,000; Sponsored, $500,000
Discretion of regulator
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose Financial
55
44
1
Unavailable
1
1
-91.831833
37.964253
us-onshore
Text Link
Montana
2001
Unavailable
$508,760,000
Unavailable
2-4 weeks
Unavailable
Unavailable
Single-Parent, $250,000; Association/Industrial Insured, $500,000; Single-Parent Reinsurance, $125,000; Protected Cell (Homogenous), $500,000 ($150,000 if <10); Special Purpose (Commissioner’s discretion)
Series Captives only, 4:1 premiums to surplus
Single-Parent; Association; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose
262
84
Unavailable
7
154
17
-110.362566
46.879682
us-onshore
Text Link
Nebraska
Unavailable
Unavailable
Unavailable
Unavailable
30-45 days
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-99.901813
41.492537
us-onshore
Text Link
Nevada
1999
7
$380,000,000
Unavailable
30 days or less (if not RRG)
Unavailable
Unavailable
Single-Parent, $200,000; Association/Sponsored, $500,000; Agency, $600,000; Rent-a-Captive, $800,000; RRG, $1,000,000 (preferred minimum)
Unavailable
Single-Parent; Association; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; MicroCaptives
254
76
7
8
154
5
-116.419389
38.80261
us-onshore
Text Link
Nevis
Unavailable
Unavailable
Unavailable
Unavailable
10-14 days
Unavailable
Unavailable
Single owner, $10,000; Multiple Owners (2-4), $20,000; Multiple Owners (5+), $50,000
Unavailable
Single-Parent; Association; Group
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-62.5833
17.15
us-offshore
Text Link
New Jersey
Unavailable
Unavailable
Unavailable
Unavailable
30 days
Unavailable
Unavailable
Single-Parent, $250,000; Association, $750,000; Industrial, $500,000; Sponsored, $500,000
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-74.405661
40.058324
us-onshore
Text Link
New York
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
$250,000.00
Unavailable
Single-Parent; Risk Retention Groups
Unavailable
37
Unavailable
Unavailable
Unavailable
Unavailable
-74.005974
40.712776
us-onshore
Text Link
New Zealand
Unavailable
Unavailable
Unavailable
Unavailable
20 weeks
Unavailable
Unavailable
Only permits NZ based Captive insurers with insurance business in NZ.
Unavailable
Single-Parent
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
174.885971
-40.900557
international
Text Link
North Carolina
2013
49
$1,600,000,000
Unavailable
2-4 weeks
RRGs examined by NCDOI no less than every 5 years; Other Captive insurers: Not subject to an NCDOI examination schedule (NCDOI uses annual audit reports completed by independent CPAs). Non-RRG Captive insurers, NCDOI's examines when issues can not be resolved through other means.
Travel expenses of examiners
Single-Parent, $250,000; Association/Group, $500,000; RRG, $1,000,000; Cell, $250,000; SPFV, $250,000
Automobile Liability Writers, NCDOI maximum limit of 2:1 premiums to surplus; Other Insurers, Requirement varies depending on business plan
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
311
234
Unavailable
10
730
46
-79.0193
35.759573
us-onshore
Text Link
Norway
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
8.468946
60.472024
international
Text Link
Ohio
2014
Unavailable
$3,556,000,000
$6,200,000,000
30 days
Unavailable
Unavailable
Single-Parent, $250,000; Protected Cell, $500,000
Based on business model
Single-Parent; Protected Cell/Segregated Portfolio companies; Special Purpose Financial
Unavailable
8
Unavailable
Unavailable
Unavailable
Unavailable
-82.907123
40.417287
us-onshore
Text Link
Oklahoma
Unavailable
Unavailable
$403,240,000
Unavailable
Under 30 days
Unavailable
Unavailable
Single-Parent, $250,000; Association, $750,000; Industrial Insured, $500,000; Sponsored, $500,000; RRG, $1,000,000; Special Purpose & Branch, $250,000 (or determined by the Insurance Commissioner)
Unavailable
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
60
34
1
Unavailable
8
2
-97.092877
35.007752
us-onshore
Text Link
Oregon
2012
Unavailable
$1,082,000,000
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent, $250,000; Association, $750,000; Captive Reinsurer, $300,000,000
Unavailable
Single-Parent; Association
14
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-120.554201
43.804133
us-onshore
Text Link
Panama
Unavailable
Unavailable
Unavailable
Unavailable
90 days
Unavailable
Unavailable
General Terms, $150,000; Long-Term risks or both, $250,000
Unavailable
Association; Group
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-80.782127
8.537981
international
Text Link
Puerto Rico
Unavailable
Unavailable
Unavailable
Unavailable
20 days
Unavailable
Unavailable
Class 1 Single-Parent, $500,000; Class 2 Association, $500,000; Class 3 Protected Cell companies, $500,000 Preferred (No statutory requirement)
Single-Parent (Class 1), 5:1 or amount adjustable by surplus premium relationship to exposure; Association (Class 2), 5:1 or 3:1 regarding third party risk; Protected Cell company (Class 3), 3:1
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-66.590149
18.220833
us-offshore
Text Link
Rhode Island
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent, $100,000; Association, $400,000; Industrial, $200,000
R.I. Gen. Laws § 27-43
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-71.477429
41.580095
us-onshore
Text Link
Singapore
Unavailable
3
Unavailable
Unavailable
6 to 8 weeks
Unavailable
Unavailable
SG$400,000 (US $285,000)
Offshore General and Life Business, Assets must not be less than liabilities; Onshore General Business, Surplus of assets over liabilities equal to the highest of SG$400,000 OR 20% previous year's net premiums OR 20% previous year's claims liabilities
Single-Parent
87
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
103.819836
1.352083
international
Text Link
South Carolina
2000
Unavailable
$3,500,000,000
Unavailable
30 days or less
Unavailable
Unavailable
Single-Parent, $250,000; Industrial Insured, $500,000 (Stock); Mutual Surplus, $500,000; Association, $500,000 (Stock); Mutual surplus, $750,000; Sponsored, $250,000
Typically 3:1, not greater than 5:1. Depends on the nature, scale, and complexity of the insured risks.
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
221
73
1
48
29
13
-81.163725
33.836082
us-onshore
Text Link
South Dakota
Unavailable
Unavailable
Unavailable
Unavailable
30 days or less
Unavailable
Unavailable
Trust Captive, $100,000; All other Captive types, $250,000
Trust Captive, $100,000; All Other Captive types, $250,000
Single-Parent; Group; Protected Cell/Segregated Portfolio companies; Special Purpose; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-99.901813
43.969515
us-onshore
Text Link
St. Lucia
Unavailable
Unavailable
Unavailable
Unavailable
60 days
Unavailable
Unavailable
Class A(1), Greater of $100,000 and 10% of net retained annual premium; Class A(2): Greater of $150,000 and 20% of the first $5,000,000 of net retained annual premium + 10% of any net retained annual premium in excess of $5,000,000; Class B, $150,000; Class C(1), Sum of the margin required for Classes A(1) and B; Class C(2), Sum of the margin required for Classes A(2) and B
Unavailable
Single-Parent; Protected Cell/Segregated Portfolio companies
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-60.978893
13.909444
us-offshore
Text Link
Sweden
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
18.643501
60.128161
international
Text Link
Switzerland
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Single-Parent; Group
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
8.227512
46.818188
international
Text Link
Tennessee
1978, rewritten in 2011
Unavailable
$2,410,000,000
Unavailable
Less than 30 days
5 years, reduced if unaudited.
Unavailable
Single-Parent, $250,000; PCC, $100,000; Association/Industrial Insured, $500,000; RRGs, $1,000,000
No statutory guidance
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
165
97
2
9
555
57
-86.580447
35.517491
us-onshore
Text Link
Texas
2013
Unavailable
$11,800,000,000
$34,400,000,000
60-120 days
Unavailable
Unavailable
$250,000
Unavailable
Single-Parent
79
77
Unavailable
Unavailable
Unavailable
Unavailable
-99.901813
31.968599
us-onshore
Text Link
Turks & Caicos Islands
1989
Unavailable
Unavailable
Unavailable
4 weeks
Unavailable
Unavailable
$100,000 + Adjustment for company size/business line
Unavailable
Single-Parent; Group; Protected Cell/Segregated Portfolio companies; MicroCaptives
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-71.797928
21.694025
us-offshore
Text Link
U.S. Virgin Islands
Unavailable
Unavailable
Unavailable
Unavailable
45 days
Unavailable
Unavailable
Single-Parent, $75,000; Industrial Insured (Stock), $100,000; Industrial Insured (Mutual), $100,000; Association International (Stock), $125,000; Association International (Insurer), $125,000
Single-Parent, $100,000; Industrial Insured (Stock), $125,000; Industrial Insured (Mutual), $125,000; Association International (Stock), $125,000; Association International (insurer), $250,000
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose; Special Purpose Financial
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-64.896335
18.335765
us-offshore
Text Link
Utah
2003
38
$3,000,000,000
$7,073,725,450
1-2 weeks (initial review). Certificate of Public Good issued while process is completed.
5 years; All may qualify for audit-in-lieu of examination.
Unavailable
Single-Parent, $250,000; Industrial Insured, $700,000; Association, $750,000; Sponsored, $500,000 with $200,000 from Sponsor/Core
Traditional insurance guidance recommended as a best practice
Single-Parent; Group; Protected Cell/Segregated Portfolio companies; MicroCaptives
439
361
2
Unavailable
57
11
-111.093731
39.32098
us-onshore
Text Link
Vanuatu
Unavailable
Unavailable
Unavailable
Unavailable
2 weeks to 3 months
Unavailable
Unavailable
General insurance classes, $100,000; Life and Long-Term insurance classes, $250,000
Ratio of premium to capital, 3/4 to 1.
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
166.959158
-15.376706
international
Text Link
Vermont
1981
38
$31,000,000,000
$231,000,000,000
30 days or less (45 for SPFI)
5 years or more frequently as needed
Unavailable
Single-Parent, $250,000; Sponsored, $100,000; Association/Industrial Insured, $500,000; RRG, $1,000,000; SPFI, $5,000,000
No firm rules. Starts with 3:1 with explanation if different leverage is appropriate.
Single-Parent; Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose
659
405
15
85
534
62
-72.577841
44.558803
us-onshore
Text Link
Virginia
Unavailable
Unavailable
Unavailable
Unavailable
90 - 120 days
Unavailable
Unavailable
Stock companies, $1,000,000
Non-Stock companies $4,000,000
Single-Parent; Association
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-78.656894
37.431573
us-onshore
Text Link
West Virginia
Unavailable
Unavailable
Unavailable
Unavailable
60 days
Unavailable
Unavailable
Single-Parent, $100,000/$150,000; Association, $350,000/$350,000; Association (Mutual), $0/$600,000; Industrial Insured, $250,000/$250,000; Industrial Insured (Mutual), $0/$400,000
Unavailable
Association; Group; Protected Cell/Segregated Portfolio companies; Risk Retention Groups; Special Purpose
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
Unavailable
-80.454903
38.597626
us-onshore
Text Link

An Interactive Guide to Captive Domiciles

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Captives 101

An Interactive Guide To Captive Domiciles

Choosing the right domicile is crucial for your captive's success. This interactive tool and supporting guide allows you to review and compare domiciles, learn how to evaluate them, and simplifies an otherwise complex decision.
Sam Espinosa
|
September 27, 2024
Single-Parent Captive
Group Captive
Agency Captive
Rent-a-Captive
Protected Cells
Series LLCs
Micro Captives
Risk Retention Groups
Branch Captive
Agency Captive
Owned by insurance agencies
Advantages
New profit center
Aligns interests
Enhanced client loyalty
Considerations
Not directly beneficial to insureds
Higher capital requirement
Potential conflicts
Use Cases
Revenue diversification
Customized insurance solutions
Enhanced client loyalty
Structure Details
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Introduction

Selecting a Captive Domicile

Selecting the right domicile for your captive insurance company is a critical decision that can significantly impact your risk management strategy. With over 75 domiciles worldwide, each offering unique advantages, the choice can be overwhelming. This guide, designed to complement our interactive domicile comparison tool, presents important considerations during domicile selection. 

How To Use The Tool

Our tool offers two ways to explore domiciles: use the map or list view for individual analysis, or compare up to four domiciles simultaneously. The comparison feature helps you assess how each jurisdiction's flexibility, maturity, requirements, and market size align with your captive's purpose, projected size, structure, and complexity.

When selecting a domicile, consider these seven key categories:

  1. Regulatory & Legislative Environment
  2. Capital and Solvency Requirements
  3. Tax, Reporting, and Audit Requirements
  4. Investment Regulations and Financial Management
  5. Types of Captive Structures Allowed
  6. Reputation, Stability, and Local Infrastructure
  7. Formation and Operational Costs

We've carefully selected specific data fields for each domicile profile to provide valuable insights for your decision-making process. Note that domicile information varies in availability and format across jurisdictions. As such, we have standardized the data fields to better facilitate comparison, with "Unknown" labels indicating missing public data. A glossary is provided to explain each field provided in a domicile profile. 

For each category, we highlight relevant domicile profile fields and offer practical considerations to help you evaluate both short-term and long-term implications for your captive.

Glossary: Domicile Data Fields

  • Website URL: Provides direct access to the official domicile’s website, allowing you to verify, expand, and contextualize the information provided through our tool.
  • Initial Captive Legislation: Represents how long the domicile has been in the captive insurance business. Older legislation often suggests a more established regulatory framework and market.
  • New Licenses Issued: Shows the recent growth and attractiveness of the domicile. A higher number may indicate a more favorable current regulatory or business environment.
  • Latest Total Gross Written Premium (GWP): Suggests the overall size and activity of the captive market in the domicile.
  • Latest Assets Under Management (AuM): Provides insight into the financial scale of the captive industry in the domicile, which can be an indicator of its maturity and stability.
  • Total Captives: Presents a clear picture of the size of the captive community in each domicile, which can be indicative of the depth of available expertise and support services. 
  • Est. Exam Cost: Indicates the approximate financial outlay for regulatory examinations. This cost contributes to the overall operational expenses and can vary significantly between domiciles.
  • Minimum Capital Requirement: Specifies the initial capital needed to establish a captive in the domicile. This amount can significantly impact the feasibility of setting up a captive in a particular jurisdiction.
  • Required Surplus: Outlines the ongoing capital that must be maintained by the captive. This requirement ensures the captive remains solvent and able to meet its obligations over time.
  • Approved Types Captive Structures: Lists the various captive structures permitted in the domicile, such as single parent, group, or cell captives. This information is crucial for determining if a domicile can accommodate your preferred captive structure.
  • Speed of Licensing: Indicates the typical timeframe for obtaining a captive license in the domicile. Faster licensing can be advantageous for swift formation, and has implications on how quickly you may be able to make changes in the future. 
  • Examination Cycle: Describes the frequency of regulatory examinations. This cycle impacts ongoing compliance efforts and costs, and reflects the level of regulatory oversight in the domicile.
  • Legislative Updates: Highlights recent changes or pending legislation affecting captive insurance in the domicile. This information helps gauge the domicile's commitment to supporting innovation, future growth, and maintaining a competitive regulatory environment. 
  • Regulatory Considerations: Outlines unique regulatory aspects or requirements of the domicile that could affect captive operations. This field helps identify any specific compliance challenges or opportunities in each jurisdiction.

Regulatory & Legislative Environment

The regulatory and legislative environment shapes the rules and oversight under which captives operate. A domicile's regulatory approach can significantly impact a captive's operational flexibility and compliance burden.

What to Consider:

  • Speed of Licensing
  • Examination Cycle
  • Regulatory Considerations
  • Licensing Requirements 

Practical Implications

  • Speed of licensing can vary from a few weeks to several months. Faster licensing could allow you to capitalize on market opportunities more quickly, but be sure to balance speed with the thoroughness of the regulatory review.
  • Examination cycles differ across domiciles, with some conducting examinations every few years and others having more frequent or less structured approaches. More frequent examinations may provide greater security but at a higher cost and administrative burden.
  • Legislative developments and specific regulatory considerations can significantly impact your captive's operations. Recent legislative changes might create new opportunities or challenges, such as introducing new types of captive structures or modernizing regulatory approaches.
  • The regulatory approach (principle-based vs. rule-based) can affect your captive's operational flexibility. Some domiciles may offer more room for innovative risk solutions, while others provide more structured environments.

Capital and Solvency Requirements

Capital and solvency requirements ensure that insurance entities maintain sufficient financial resources to meet their obligations. Different domiciles have varying capital requirements, which directly affect the initial and ongoing financial commitment needed for your captive.

What to Consider:

  • Minimum Capital Requirement
  • Required Surplus
  • Requirements based on Type of Captive 

Practical Implications:

  • Minimum capital requirements can vary widely between domiciles, ranging from tens of thousands to millions of dollars. Higher requirements may provide greater security but tie up more of your company's assets.
  • Required surplus impacts your ongoing financial commitment to the captive. Some domiciles have fixed amounts, while others use risk-based formulas.
  • Consider how these requirements align with your company's financial capacity and risk tolerance. A domicile with lower requirements might be more accessible but could limit your captive's ability to take on certain risks.
  • Some domiciles offer different capital requirements based on the type of captive or lines of business, providing flexibility for various business models.

Tax, Reporting, and Audit Requirements

These requirements determine a company's financial obligations, transparency, and accountability. A domicile's tax structure and reporting demands can impact not only a captive's operational costs but also the degree of regulatory scrutiny it faces both within the chosen domicile and in its home jurisdiction.

What to Consider:

  • Est. Exam Cost
  • Speed of Licensing
  • Examination Cycle

Practical Implications:

  • While specific tax rates are not included in our data, tax considerations can significantly impact the overall cost-effectiveness of your captive. Be aware that choosing a low-tax domicile may invite greater scrutiny from your home country's tax authorities.
  • Estimated examination costs vary across domiciles and contribute to your overall operational expenses. Higher costs might be justified if they come with more valuable regulatory insights or a more robust regulatory environment.
  • The frequency and depth of financial reporting, audit requirements, and actuarial opinions can vary significantly. More frequent or detailed reporting can increase administrative costs but may provide better oversight.
  • Consider how reporting requirements and examination cycles align with your parent company's financial cycles and operational capacity.
  • Board of Director and other governance requirements, while not explicitly detailed in our data, can impact your captive's operational structure. Some domiciles may offer more flexible arrangements, particularly through certain captive structures.
  • The speed of licensing and examination cycle can affect both your initial setup and ongoing operations. Faster processes may allow quicker market entry but could potentially involve less thorough oversight.

Investment Regulations and Financial Management

Investment regulations guide how companies can allocate and manage their financial resources within the captive. A domicile's investment rules can affect a captive's ability to generate returns and manage risk effectively.

What to Consider:

  • Regulatory Considerations (as they may pertain to investment regulations)
  • Minimum Capital Requirement
  • Required Surplus

Practical Implications:

  • While specific investment regulations are not detailed in our data, they can significantly impact your captive's financial performance. More liberal investment rules may allow for better returns but could introduce additional risk.
  • Minimum capital requirements and required surplus vary widely across domiciles. These figures directly affect your initial and ongoing financial commitment to the captive.
  • Some domiciles may have risk-based capital requirements, which can provide more flexibility but also more complexity in financial management.
  • Consider how investment limitations, diversification requirements, and the use of investment managers might align with your risk management strategy and financial goals.
  • The regulatory approach to investments and capital requirements can affect your captive's ability to generate returns and manage asset-liability matching effectively.

Types of Captive Structures Allowed

Different captive structures offer varying levels of flexibility, control, and risk-sharing opportunities. The types of captive structures permitted in a domicile can determine the feasibility and effectiveness of your risk management strategy.

What to Consider:

  • Approved Types Captive Structures
  • Rules, limits, regulation by structure type 
  • Number of captives by type 

Practical Implications:

  • Domiciles vary in the types of captive structures they allow, from single parent captives to more complex structures like protected cell companies.
  • The availability of different captive structures can impact your ability to scale or adapt your risk management strategy over time.
  • Some structures may offer more flexibility in terms of risk segregation, third-party business, or regulatory requirements.
  • Consider both your current needs and future plans when evaluating the structures allowed in each domicile.

Reputation, Stability, and Local Infrastructure

These factors contribute to the overall business environment and operational support available. A domicile's reputation, stability, and infrastructure can affect your captive's credibility, long-term viability, and access to necessary services.

What to Consider:

  • Initial Captive Legislation
  • Total Captives
  • Latest Total Gross Written Premium (GWP)
  • Latest Assets Under Management (AuM)
  • New Licenses Issued

Practical Implications:

  • The longevity of a domicile in the captive market, as indicated by its initial captive legislation date, can reflect its experience and stability. Domiciles with decades of experience may offer more refined regulatory frameworks and established industry relationships.
  • The total number of captives, GWP, and AuM can indicate a domicile's maturity and economic impact. Larger figures often suggest a more developed captive ecosystem with a wider range of service providers.
  • Recent growth, as shown by new licenses issued, can indicate a domicile's current attractiveness and regulatory environment. High growth may suggest favorable conditions but could also lead to resource constraints.
  • While larger domiciles may offer more stability and a robust service provider ecosystem, they might be less focused on individual captive needs, especially for smaller operations. Conversely, smaller domiciles might offer more personalized attention.
  • The availability of local expertise, including captive managers, legal and accounting professionals, and reinsurance access, can significantly impact operational efficiency. This is often correlated with the size and maturity of the domicile.
  • Consider the practical aspects of managing your captive, such as ease of travel for board meetings and regulatory discussions. This can affect ongoing operational costs and efficiency.

Formation and Operational Costs

These costs encompass the expenses associated with establishing and running an insurance business entity. Formation and operational costs vary among domiciles and can significantly impact the overall financial efficiency of your captive insurance program.

What to Consider:

  • Est. Exam Cost
  • Speed of Licensing
  • Examination Cycle
  • Capital Requirements
  • Solvency requirements 
  • Regulatory Considerations 

Practical Implications:

  • Estimated examination costs can vary significantly and contribute to your overall operational expenses. Higher costs might be justified if they come with more valuable regulatory insights or a more robust regulatory environment.
  • The speed of licensing impacts how quickly you can establish your captive and begin operations. This can be crucial if you're working on a tight timeline.
  • The examination cycle affects your ongoing compliance efforts and costs. More frequent examinations may provide greater oversight but also increase administrative burdens.
  • Consider the potential impact of legislative updates and regulatory changes on your captive's operations. A domicile with a history of positive legislative updates may be more adaptable to industry needs.
  • Factor in the total cost of captive operation, not just initial setup fees, when preparing your projections. Costs can include incorporation and licensing fees, but often also involve ongoing regulatory fees, and third-party expenses for professional services including actuarial work, accounting, taxation, legal, brokerage, management, and more. 

Conclusion

Selecting the right captive domicile involves balancing numerous factors against your specific risk management needs and corporate objectives. Our interactive tool provides a wealth of data to support your decision-making process. As you use the tool:

  1. Prioritize the factors most critical to your captive's success.
  2. Use the comparison features to shortlist domiciles that meet your key criteria.
  3. Consider how each factor might impact your captive's operations in both the short and long term.
  4. Remember that while data is crucial, local expertise can provide valuable context. Don't hesitate to reach out to regulators or service providers in your shortlisted domiciles for more information. 
  5. Modern captive managers can be a valuable resource during domicile selection if they offer a well-informed, hands-on, all-inclusive approach during the captive planning phase. 

By thoroughly evaluating these factors and leveraging the comprehensive data available through our tool, you can make an informed decision that positions your captive for long-term success in today's complex risk management landscape.

Disclaimer

This guide and tool provide general information only and do not constitute professional advice or endorsements. While we strive for accuracy, we can't guarantee the information is complete or applicable to your situation. Choosing a captive domicile and setting up a captive insurance program is complex and depends on circumstances specific to your organization. We recommend working with an experienced captive manager who can coordinate various aspects, reconcile conflicting information, and help design a program tailored to your needs.

The Value of XN Captive

At XN Captive, we specialize in providing comprehensive captive services. Our team of trusted experts guides you through every step of the process, from planning and formation to ongoing management. With our integrated platform, you can streamline your captive operations, reduce administrative burdens, and maximize the benefits of captive insurance.

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Advisory
What Is Fronting Insurance for Captives?
In the insurance industry, the term "Paper" is often used to describe both the insurance policy itself and the carrier underwriting that policy.
Judah Max Dobrinsky
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March 27, 2024