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; MicroCaptives set up using 831(b) regulations
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 set up using 831(b) regulations
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 set up using 831(b) regulations
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

How To Choose The Right Type of Captive Structure

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Captives 101
Regulatory
Advisory
Legal

How To Choose The Right Type of Captive Structure

Explore the 9 main captive insurance types and learn the pros and cons of each structure to optimize your risk management strategy.
Sam Espinosa
|
August 6, 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
Compare All

Introduction

Looking to optimize your risk management strategy? Captive insurance companies offer a powerful solution, allowing businesses to self-insure while potentially reaping significant financial benefits. In this detailed guide, we'll explore nine distinct types of captive structures, helping you navigate the complex world of captive insurance and find the perfect fit for your organization's needs.

From Single-Parent Captives to Series LLCs, each structure offers unique advantages and challenges. Whether you're a small business owner, a large corporation, or part of an industry group, understanding these captive types is crucial for making informed decisions about your risk management approach.

Explore the various sections below to identify which structure might align best with your business goals and risk profile.

Single Parent Captives

A Single-Parent Captive, also known as a Pure Captive, insures the risks of its parent company and affiliates. This is the most common form of captive, often chosen by larger organizations with sophisticated risk management profiles.

Single-Parent Captives allow for direct control over the risk management process, allowing companies to design customized insurance policies tailored to their specific needs.  Nearly all types of risk from the parent company can be placed into this type of captive. 3rd Party Risks are increasingly becoming more common in Single-Parents.

However, Single-Parent Captives often come with high initial capital requirements and complex regulatory hurdles, making them less accessible for smaller businesses. Additionally, the ongoing management and administration can be resource and capital intensive.

Single-Parent Captives are ideal for large corporations with significant resources and sophisticated risk management capabilities.

Group Captives

Group Captives are owned by multiple, non-related organizations that pool their risks and resources or by a sponsor on behalf of a number of businesses. This collective approach allows businesses to share the burden of insurance costs while benefiting from economies of scale. Group Captives can offer better reinsurance terms and lower costs due to collective bargaining power.

However, managing a Group Captive can be challenging due to the need for coordinated decision-making among multiple owners. Conflicts may arise from differing risk profiles and needs, and profits are shared among members, potentially diluting individual gains.

Despite these challenges, Group Captives provide a viable option for small to mid-sized businesses, trade associations, and organizations looking for cost-effective risk management solutions.

Group Captives are particularly beneficial for industries where companies have similar risk profiles, such as manufacturing or construction. They offer a way to access the benefits of captive insurance without the high costs and complexities associated with forming a Single-Parent Captive.

Agency Captives

Agency Captives are owned by insurance agencies, aligning their interests with those of their clients. This structure creates a new revenue stream beyond commissions, as agencies can maintain a portion of underwriting profits. By aligning interests, Agency Captives encourage agencies to produce profitable business and enhance client loyalty through better risk management.

However, the primary benefits of Agency Captives accrue to the agency rather than the insureds. They are ideal for agencies seeking to diversify their revenue streams and offer customized insurance solutions.

Agency captives provide a way to enhance client relationships and improve the agency’s financial performance.

Rent-a-Captive

Rent-a-Captives offer access to captive benefits without the need for significant capital investment. Owned by a third party sponsor, these captives provide a flexible and cost-effective way for businesses to self-insure. Rent-a-Captives allow companies to benefit from the advantages of captive insurance, such as tailored coverage and potential cost savings, without the full commitment of forming their own captive.

However, Rent-a-Captives come with limited control over the captive and potential exposure to the risks of other participants. The stability of the captive depends on the sponsor and the participants, which can vary significantly. Despite these drawbacks, Rent-a-Captives are ideal for organizations that don’t need the flexibility of Single-Parent Captives and whose size may be smaller.

Protected Cell Companies (PCCs) / Segregated Cells

Protected Cell or Segregated Cell Companies are rental captives that provide a legal structure that allows for the segregation of assets and liabilities into distinct cells. Each cell within a PCC is legally protected from the liabilities of other cells, offering a high degree of asset protection and reducing risk exposure. This structure is particularly beneficial for organizations that want to maintain separate risk portfolios without the need to establish multiple individual captives.

PCCs offer a cost-effective alternative to establishing multiple captives, as the shared infrastructure and management reduce overall costs. They provide flexible risk management options, allowing each cell to operate independently while benefiting from the overarching captive structure. However, effective coordination among cell owners is crucial, and navigating the complex regulatory requirements can be challenging. Additionally, the uncertain tax status of individual cells in some jurisdictions may pose difficulties.

Series LLCs

Series LLCs create multiple series within a single limited liability company, with each series treated as a separate entity for liability and management purposes. This structure offers significant flexibility, allowing businesses to create and manage multiple series independently while benefiting from the shared resources and infrastructure of the parent LLC. Each series operates as a distinct entity, with its own assets and liabilities, providing legal separation and protection.

Series LLCs are advantageous for businesses seeking to manage diverse risk exposures efficiently. They offer a cost-effective solution for expanding captive strategies, as forming and managing a series is typically less expensive and less complex than creating multiple separate LLCs. However, the complexity of managing the series structure and ensuring regulatory compliance can be significant. Additionally, the formation process can be delayed due to the intricate nature of the series setup.

Series LLCs are particularly useful for Private Equity firms who manage risks associated with different portfolio companies within a single structure, ensuring separation and protection of each entity’s assets, mid-market businesses looking to expand risk management strategies by creating separate series for different business lines or geographic regions, insurance companies managing distinct insurance programs within one entity, and real estate firms to separate risks and liabilities of different properties or projects, maintaining clear boundaries and protecting assets.

Micro Captives

Micro Captives are small captives with annual written premiums under $2.8 million that provide flexible coverage options to the insureds. Under the right circumstances, these captives can offer favorable tax treatment under IRC Section 831(b). They also typically have lower capitalization requirements when compared to larger captives.

However, Micro Captives are subject to significant scrutiny by the IRS and may not be suitable for larger risks. They must meet stringent regulatory standards and have limited risk capacity. Despite these challenges, Micro Captives can be ideal for small to mid-sized businesses seeking initial captive experience and specific niche risks.

Risk Retention Groups (RRGs)

Risk Retention Groups (RRGs) are a mechanism to finance liability risks under the Federal Liability Risk Retention Act of 1986. Operated under Federal Law, RRG’s are typically regulated under State Captive Statute and pose some unique differences from Captives. Only allowed for Liability Risks, RRGs allow groups to join as members to finance their risk in a more cost-effective and controllable way over a traditional insurance program.

Financial stability varies among RRGs, and they may face higher regulatory scrutiny. Despite these challenges, RRGs are ideal for professional associations and industry-specific groups seeking liability-focused risk management solutions.

RRGs are particularly suitable for professional associations and industry groups looking to manage liability risks collectively. They provide a way to access cost-effective liability coverage while maintaining direct control over the insurance program.

Branch Captives

Branch Captives are on-shore arms of off-shore captives, often used to cover employee benefits. These captives provide access to the domestic market and allow for domestic risk coverage while offering employee benefits insurance.

Branch Captives must navigate both domestic and off-shore regulations, which can be complex. Operating in multiple jurisdictions can be expensive, and managing tax considerations is crucial. Despite these challenges, Branch Captives are ideal for multinational corporations and businesses with significant employee benefits needs.

Branch Captives are particularly suitable for multinational corporations and businesses seeking to provide employee benefits coverage. They offer a way to manage domestic risks while benefiting from the advantages of off-shore captives.

Conclusion

Choosing the right captive insurance structure depends on your company’s specific needs, risk profile, and financial goals. Understanding the advantages and disadvantages of each structure can help you make an informed decision. By leveraging the expertise of a captive management firm like XN Captive, you can simplify the process and ensure your captive is tailored to meet your unique requirements.

The Value of XN Captive

XN Captive offers a comprehensive suite of services designed to simplify, streamline, and optimize the captive insurance experience for businesses of all sizes. From initial assessment to ongoing management, XN Captive provides the expertise, tools, and support needed to navigate the complex world of captive insurance successfully.

With XN Captive, businesses gain:

  1. Unparalleled Expertise: Our team of world-class experts guides you through every step of the captive journey, from strategy and structure selection to program design and implementation.
  2. Efficiency and Time Savings: We compress the captive formation process from 9-12 months to just potentially just 3 months, reducing your time commitment from 300-400 hours to around 25 hours by working through our team.
  3. Comprehensive Solutions: Our all-inclusive approach integrates ten professional services into a seamless 5-step captive formation plan, managing everything from legal and actuarial needs to regulatory compliance.
  4. Cutting-Edge Technology: Our digital platform offers real-time performance monitoring, interactive tools for future planning, and deep analytics for informed decision-making.
  5. Customized Strategies: We tailor captive solutions to your specific needs, ensuring optimal risk management and financial performance for your business.
  6. Ongoing Support: From claims management to annual reviews, we provide continuous support to optimize your captive's performance year after year.
  7. Educational Resources: Our extensive knowledge base, including FAQs, glossaries, and an interactive quiz empowers you to make informed decisions about your captive program.

By choosing XN Captive, you're not just setting up an insurance program; you're partnering with a team dedicated to transforming your approach to risk management. We provide the clarity, intelligence, and flexibility needed to navigate the complexities of captive insurance, allowing you to focus on what matters most – running and growing your business.

With XN Captive, you don't just rent your insurance – you own it, control it, and optimize it for your unique business needs.

Take the first step towards financial empowerment and risk management excellence. Explore your captive potential with XN Captive today.

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