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Captive Resource Center
Businesses and Associations
Research & Information
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Captive Domicile Showcases
Be sure to
scroll all the way down this page for links to an enormous repository
of helpful information on US and Non-US Domiciles!
Featured Domiciles:
| US: |
Missouri
Also see November 19th press release --
Major
foodservice industry player sets up captive insurance company
in Missouri.
John Rehagen tells us that as of November
19, 2009, 5 captives are licensed in Missouri. There are
currently 2 more in the pipeline, and an additional likely
application coming in before year end, with 2 more probable
applications likely in the 1st quarter of 2010. Premiums
are on course to reach approximately $1B by year-end. Very
impressive.
Missouri is on the move with captives for
life securitization as well as pure and association captives.
A couple have redomiciled to Missouri from offshore jurisdictions
as well. We are delighted to showcase them as the current
featured US Domicile.
|
| Non-US: |
British Virgin Islands -- NEW
legislation and regs in place on 1 February 2010!
Derek Lloyd , Insurance Manager at AMS
Insurance Management Services Limited and Chairman of
the BVI Association of Insurance Managers (BVIAIM)
has filled us in on the new legislation and regs governing
insurance entities, including captives. Derek comments,
“After an extended period of anticipation for the
enactment of the new insurance legislation, the industry
is generally pleased to now have this in place from the
1st February 2010. The legislation addresses a number of
historical anomalies that have existed since the original
legislation was put in place back in 1994-95 and provides
a clear understanding for industry practitioners and clients
alike, as circumstances have undoubtedly changed for the
different types of licensed insurance entity in the intervening
period. At the same time, corporate governance standards
have significantly increased around the world, particularly
against the backdrop of events in the global economy in
the last couple of years and the new legislation will allow
the BVI to move forward as a credible, sustainable captive
domicile”
Direct links follow, and will be maintained long term in
the Non-US Domicile Fast Links section
on this page.
|
|
| Featured
Articles:
July 27, 2010: "An
Open Letter to Sen. Carl Levin" from Anthony
Travers, O.B.E., Chairman, Cayman Finance.
"...Your Support for the group callling itself 'Business and
Investors Against Tax Haven Abuse' necessitates this response. Your
endorsement of that organization's recent report well might lend
credibility to statements that are in error and recommendations
that are misguided..." [Download
full letter]
Mancini's Musings: This is a concise, well-written explanation
of free-market principles surrounding taxation of multi-national
corporations that should be required reading for every American
-- especially the elites in government, media, and education. This
was reported in Politico, but I have not seen it reported in any
other media outlet. Your comments would be most welcome. Should
you choose to comment, please be sure to let me know if you would
like your opinion published. E-mail
Chris Mancini.
May 10, 2010: **LEGISLATIVE
UPDATE** from New Jersey Captive Insurance Association (NJCIA):
Bill to Regulate Captive Insurers moves on to full Assembly vote.
May 10, 2010: The NzCIA's Peter Lowe was asked to present an overview
of the New Zealand Captive Insurance Industry to the IFSD Committee.
The IFSD Committee is the Prime Minister of New Zealand's Task Force
to review the opportunities for New Zealand with the creation of
a Financial Service Hub. Follow
this link to the NzCIA website's news page to download this
presentation and view other articles of captive insurance interest.
April 26, 2010: MFSA
Note for Consultation on Draft Incorporated Cell Companies Regulations.
"The Malta Financial Services Authority (the
“MFSA”) has recently issued a note for consultation
on the draft Companies Act (Incorporated Cell Companies Carrying
on Business of Insurance) Regulations (the “Draft ICC Regulations”)
on the 30th March 2010, which are set to provide the legal framework
for the establishment of Incorporated Cell Companies in Malta, offering
a new corporate vehicle for insurers, building upon the now well-established
Protected Cell Company (“PCC”) regime originally introduced
in Malta in 2004 by virtue of the Companies Act (Cell Companies
Carrying on Business of Insurance) Regulations..." The article
then goes on to describe the proposed Incorporated Cell
Company (“ICC”) Concept. [Download
full article] Captive.com thanks Ganado
& Associates for keeping us up to date with Malta's regulatory
and legislative information.
March/April 2010: Key
Themes from the 2009 Cayman Captive forum -- Captive Insurance in
the Cayman Islands: Stability in a world of uncertainty.
In continued support of the successful Cayman Captive Forum, this
successful event's main sponsor, -- KPMG -- has kindly provided
a highlights brochure covering the key themes of the 2009 conference.
The publication provides an overview of key topics for all to read
and for those who attended, a useful reminder of the discussions
and educational topics that took place. Should anyone require a
hardcopy of the brochure, please e-mail Dara Keogh at KPMG darakeogh@kpmg.ky.
Fast Links:
Fast links to full legislation -- Offshore
domiciles
Fast links to full legislation and regs -- US
domiciles
|
| Showcases as Submitted
by Each Domicile |
| |
|
| Fast Links to Domicile
Legislation (along with editorial notes) |
| Captive.com sends its thanks
to Carol Pierce of Munich
Re -- a captive.com Silver Member -- for assisting us in finding
many of these links. If you know of additional links that would
be helpful, or if you find a better link than the ones we offer
here, please e-mail us
with your suggestions for additions and changes. Editorial comments
following each link come from both Carol Pierce and Chris Mancini
of captive.com.
Non-US Domiciles:
[Editor's note: A few of these links were
so long that formatting issues forced us to substitute a text message,
"Click here for link" rather than printing the actual
link. We hope this does not inconvenience you.]
| Aland |
http://www.aland.fi/
This website is in Swedish. |
| Anguilla |
The Anguilla insurance website is
well-designed and easy to navigate. Here are 3 links you'll
find helpful:
http://www.fsc.org.ai/insurance.htm
-- Insurance Act of 2004.
http://www.fsc.org.ai/Insurance%20Regs%202004.pdf
-- Insurance Regulations of 2004, along with guidance notes
http://www.fsc.org.ai/protcell.htm
-- Protected Cell Act of 2004. |
| Bahamas |
Captive
Insurance in the Bahamas is a good summary page with contacts
you will like. Also see New
Draft Insurance Legislation. |
| Bermuda |
http://www.bermudalaws.bm/
All official Bermuda laws (full text) are on this site. You
can also link to this site from the Monetary Authority website
http://www.bma.bm/legislation/index.html
|
| BVI |
Effective 1 February 2010
|
| British Columbia, Canada |
http://www.fic.gov.bc.ca/statutes.htm
For full text of captive law, see http://www.qp.gov.bc.ca/statreg/stat/I/96227_01.htm |
| Cayman Islands |
http://www.cimoney.com.ky/regulated_sectors/reg_sec.aspx?id=92&ekmensel=e2f22c9a_14_82_btnlink.
From this page, you will have access to all the information
you will need to domicile your captive in the Cayman Islands.
Easy to navigate -- congratulations, Cayman! |
| Dublin |
We just requested a direct link to Ireland's legislation
and regs (we couldn't find them), but we did find a nifty
checklist for those companies interested in establishing a
captive, which is available from
http://www.financialregulator.ie/industry-sectors/insurance-companies/non-life-insurance-companies/pages/authorisation.aspx
and
http://www.financialregulator.ie/industry-sectors/insurance-companies/reinsurance-companies/pages/authorisation.aspx.
As soon as we have the link to the captive legislation, we'll
pass it along. |
| Gibraltar |
http://www.fsc.gi/fsclists/publications.asp?Section=2&Type=4
Unofficial copies of regs. Official regs are available at no
cost at http://www.gibraltarlaws.gov.gi
|
| Guam |
http://www.guamattorneygeneral.com/gca/22gc023.pdf
Captive law is online in its entirety in pdf format. Because
this link no longer produces anything, we have inactivated it
while we make a few inquiries to our contacts in Guam. An updated
link, if it exists, will be up and running soon. |
| Guernsey |
http://www.gfsc.gg/content.asp?pageID=91&menuOpen=2&submenuOpen=2.5
Hundreds of pages of regulations at this location. |
| Hong Kong |
http://www.info.gov.hk/oci/text/ideal/
A very easy-to-navigate website with links to both summary data
and full legislation. |
| Ireland |
Website currently under construction. |
| Isle of Man |
http://www.gov.im/ipa/insurance/InsuranceRegulations.xml
Official regs online. Also, includes proposed regs and who to
contact if you have comments. |
| Jersey |
http://www.jerseylegalinfo.je/Law/LawsInForce/alphabetical.aspx
You can link from the Financial Services Commission site http://www.jerseyfsc.org/
under insurance.
Official regs online. |
| Labuan |
http://www.lofsa.gov.my/lofsa5/labiofc/offinsure/insurancet.htm
Official regs online. Also, have pdf synopses. |
| Liechtenstein |
Click
to link
Official regs on line in German |
| Luxembourg |
http://www.lff.lu/actors/insurance-reinsurance-companies/captive-reinsurers/
for info in English. Two links are embedded in the paragraphs
you will find on this page.
http://www.commassu.lu/FR/documents/reglements.asp
Regs are posted in French. |
| Malta |
|
| Mauritius |
http://www.fscmauritius.org/homeframe.html
Unofficial copies of regs are available in read-only Word documents |
| Nevis |
http://www.nevisfinance.com/about.cfm
Tells a visitor what the regs are, but does not provide an online
link to them. Also see excellent white paper entitled "Freedom
in Captivity" -- updated in May 2010 -- featuring Nevis
from the articles menu at the bottom of this page.  |
| New Zealand |
Summary: http://www.nzcia.org.nz/legislation.htm
New Zealand's insurance legislation is called the "Insurance
Companies Deposit Act." It does not distinguish between
a captive and a normal New Zealand insurance company. The
environment is favourable for captive insurance companies.
The government website is unwieldy, but you can follow this
link, then open "I" (for insurance acts), and click
on the Insurance Companies' Deposit Act 1953:
http://www.legislation.govt.nz/browse_vw.asp?content-set=pal_statutes&clien.
|
| Panama |
http://www.mici.gob.pa/seguros.php
Regs are all online in Spanish. Should you need assistance with
translation, we can help. |
| Puerto Rico |
http://www.ocs.gobierno.pr/ocspr/Default.aspx?tabid=143
An easy-to-navigate page with both summary data and specific
legislation and regs in English and Spanish. |
| Singapore (links revised 4/10/07) |
Singapore
Statutes Online
More useful links from the Singapore Monetary Authority website:
|
| St. Kitts |
To
St. Kitts Financial Services Law Library
Download
Captive Legislation |
St. Lucia |
http://www.stluciaoffshore.com/legislation/legislation.htm |
| Turks & Caicos |
The T&C website is done in "frames," so we cannot
give you a direct link to their legislation on the website.
Visit Turks
& Caicos and select "insurance" from
the top menu. You will see the link to the legislation and more.
For your convenience, we have downloaded a copy of the 2004
legislation in pdf. This is correct as of November 2007, but
we may not know when T&C updates this, so before relying
on this document, be sure to check the website to ensure that
this is the most recent legislation. Follow
this link to download directly. |
| Vanuatu |
To Vanuatu
Captive Insurance Website
All legislation, regs, apps, etc. are available in English and
French. A well-organized, easy-to-navagate website! |
Fast
Links to US Domicile Legislation
| Federal Reg. |
FEDERAL
LIABILITY RISK RETENTION ACT OF 1986, 15 USC 3901-3906 (1981,
as amended 1986), downloadable in pdf |
| Alabama |
Links
to captive-related information and application forms
Download captive law: http://www.aldoi.gov/PDF/Legal/ACT06509SB0305.pdf
|
| Arizona |
http://www.azleg.state.az.us/ArizonaRevisedStatutes.asp?Title=20.
Scroll down the page to Article 14, Captive Insurers. All
the links that you will need are at that location.
May 2009, also see ARIZONA
CAPTIVE INSURANCE DIVISION REFERENCE GUIDE |
| Arkansas |
http://www.insurance.arkansas.gov/finance/captivepage.htm
A well-organized website that gives clear links to all regs
as well as contact information. |
| Colorado |
All in all, this website is a nightmare. We cannot supply
a direct link to the captive legislation because of the frame-based
design of the website. However, it's not too hard to find.
Start at http://www.dora.state.co.us/insurance/.
From there, to find the legislation, click on Colorado
Laws which takes you to http://198.187.128.12/colorado/lpext.dll?f=templates&fn=fs-main.htm&2.0.
You will see the captive links on that page.
From the first page above, there is a direct link to regulations.
The captive reg is 2-3-1at http://www.dora.state.co.us/insurance/regs/2-3-1.pdf.
|
Connecticut |
Follow
this link for a downloadable version of Connecticut's captive
legislation, SB 281, enacted on June 2, 2008. Additionally,
see information on
Risk Retention Groups on the easy-to-navigate Connecticut
Insurance Department website, offering insurance legislation
and regs. As of 7/2/08, the website is not yet updated with
the captive legislation. |
| Delaware |
May 12, 2010: House
Bill 314, providing for Agency and Branch Captives.
|
| District of Columbia (links amended April
1, 2007) |
Menu of links to captive and RRG info: http://www.disb.dc.gov/disr/cwp/view,a,1300,q,633951,disrNav,%7C32821%7C,.asp
Captive Insurance Company Amendment Act of 2006: http://disb.dc.gov/disr/frames.asp?doc=/disr/lib/disr/news_room/regulation/Captive_Insurance_Company_Amendment_Act_of_2006.pdf
Special Purpose Financial Captive Authorization Amendment
Act of 2006:
http://disb.dc.gov/disr/frames.asp?doc=/disr/lib/disr/news_room/regulation/Special_Purpose_Financial_Captive_Authorization_Amendment_Act_of_2006.pdf
Regulations: http://disb.dc.gov/disr/frames.asp?doc=/disr/lib/disr/news_room/regulation/captive.pdf&group=1632
|
| Georgia |
Downloadable pdf files, posted October 2006. Please check
with your local captive consultants for any subsequent changes
to the captive law or regulations before proceeding with your
captive:
GA
Captive Legislation
GA
Captive Regulations
Application
for a Captive Insurance Company in the State of Georgia
|
| Hawaii |
http://www.capitol.hawaii.gov/hrscurrent/Vol09_Ch0431-0435E/hrs0431/HRS_0431-0019-0101.htm.
Also, the HCIC website has direct links to specific summaries
at http://www.hawaiicaptives.com/why_hawaii/law_19.html.
|
Kentucky |
Kentucky.
This link takes you to the main page for Kentucky Captive
Insurance. The links to all captive-specific information are
clear, and the website is extremely well-done. We suspect
this has something to do with the enormous initial success
of the domicile!
For a direct link to statutes and regs,
follow
this link. |
Missouri |
This
link leads to the Missouri Captive Insurance
Program page. Here, you will find a terrific menu leading
to everything your heart desires, including links to the 2007
and brand new 2009 legislation. Forms, procedures, and contacts
are easily accessible from this clear, easy-to-navigate website.
Our congratulations to Missouri on a job well done! |
| Montana |
Captive Legislative News: Montana's Senate Bill 161 Officially
Signed.
To view SB 161 on Montana's Government Website, with its
changes visible, follow
this link. Also helpful, see a legislative history along
with a summary of the current legislation on the ORG Captive
Management website by following
this link.
http://sao.mt.gov/captives/index.asp
All the links you need are available from this page, including
the current law at
http://data.opi.state.mt.us/bills/mca_toc/33_28.htm
|
| New York |
http://www.ins.state.ny.us/website3/captives/capart70.htm
Links are provided to all subsections of the legislation. |
| Nevada |
http://doi.state.nv.us/CF-CaptiveInsurIndex.htm
All links are available from this page from regs to application
forms. |
| Puerto Rico |
http://www.ocs.gobierno.pr/ocspr/Default.aspx?tabid=143
An easy-to-navigate page with both summary data and specific
legislation and regs in English and Spanish. |
| Rhode Island |
http://www.dbr.state.ri.us/documents/rules/insurance/Refiled-Regulation95.pdf
Downloadable pdf file with all you need to know. |
| South Carolina |
Regulations
in pdf
Captive Statutes (in HTML) http://www.scstatehouse.net/code/t38c090.htm
and in text (Word 2000) http://www.scstatehouse.net/code/t38c090.doc
Protected Cell laws:
http://www.scstatehouse.net/code/t38c010.htm
http://www.scstatehouse.net/code/t38c010.doc
Related RRG statutes (outside of captives, but related)
http://www.scstatehouse.net/code/t38c087.htm
http://www.scstatehouse.net/code/t38c087.doc |
| South Dakota |
http://www.state.sd.us/drr2/reg/insurance/companies/captive.html
At this point, this is only a summary page with a link to contact
them for more info. |
| Utah |
The new Utah Captive Insurance website is available at http://www.captive.utah.gov/index.html.
Navigation is easy, and you'll find all the contacts, laws
and regs you need, along with some of the "softer"
info you might like about the domicile. Excellent job on this
website!
|
| Vermont |
Regulations: http://www.vermontcaptive.com/regulations.html
Legislation: http://www.vermontcaptive.com/regulations/laws.html
|
More on the way... |
Other Valuable
Domicile Resources:
-
July 27, 2010: "An
Open Letter to Sen. Carl Levin" from Anthony
Travers, O.B.E., Chairman, Cayman Finance.
"...Your Support for the group callling itself 'Business and
Investors Against Tax Haven Abuse' necessitates this response. Your
endorsement of that organization's recent report well might lend credibility
to statements that are in error and recommendations that are misguided..."
[Download
full letter]
Mancini's Musings: This is a concise, well-written explanation of
free-market principles surrounding taxation of multi-national corporations
that should be required reading for every American -- especially the
elites in government, media, and education. This was reported in Politico,
but I have not seen it reported in any other media outlet. Your comments
would be most welcome. Should you choose to comment, please be sure
to let me know if you would like your opinion published. E-mail
Chris Mancini.
May 15, 2010, Updated Version: Freedom
in Captivity. This well-written white paper was written
by Jan Dash and Herman Liburd from the law firm of Liburd
and Dash. A portion of the paper is specific to the captive domicile,
Nevis, but the vast majority of it comprises a cohesive "Captives
101" summary, which is always in high demand at captive.com.
May 10, 2010: The NzCIA's Peter Lowe was asked
to present an overview
of the New Zealand Captive Insurance Industry to the IFSD Committee.
The IFSD Committee is the Prime Minister of New Zealand's Task Force
to review the opportunities for New Zealand with the creation of a Financial
Service Hub. Follow
this link to the NzCIA website's news page to download this presentation
and view other articles of captive insurance interest.
- March/April 2010: Key
Themes from the 2009 Cayman Captive forum -- Captive Insurance in the
Cayman Islands: Stability in a world of uncertainty.
In continued support of the successful Cayman Captive Forum, this successful
event's main sponsor, -- KPMG -- has kindly provided a highlights brochure
covering the key themes of the 2009 conference. The publication provides
an overview of key topics for all to read and for those who attended,
a useful reminder of the discussions and educational topics that took
place. Should anyone require a hardcopy of the brochure, please e-mail
Dara Keogh at KPMG darakeogh@kpmg.ky.
- 23
March 2010: Guernsey retains world leader status for captive insurance.
""Two new studies have reaffirmed Guernsey’s position
as the leading captive insurance centre in Europe and among the top
four in the world...." [To
full story]
- 14 October 09: Briefing Note
-- UK
consults on Protected Cell Companies…..12 years after Guernsey
led the way
- May 11, 2009: From the Arizona Department of
Insurance, you can now download the ARIZONA
CAPTIVE INSURANCE DIVISION REFERENCE GUIDE in pdf.
This document is only a guide intended to assist you in the formation
and ongoing operation of a captive insurance company in Arizona.
- March
18, 2009: Montana Legislature Passes Industry-Backed Captive Law.
- March 6, 2009: Cayman
Islands Regulatory Announcements. Our thanks to Kerr,
Russell & Weber for sharing this important update with captive.com's
readers.
-
February 2009, download current
list of Kentucky captives as of January 2009 in pdf. As
of the date of this document, there were 77 licensed captives -- mostly
pure -- in the domicile.
Like many domiciles, Kentucky is experiencing budget
constraints state wide. Despite this, our sources report that, "Commissioner
Clark and other government officials are committed to supporting the
captive industry in Kentucky. We recently have allocated funds for
increased staff and IT resources for the captive program, although
some cuts to marketing, travel and other discretionary expenditures
were necessary. The captive program is adequately funded to support
our current companies and to handle foreseeable future growth in the
next few years."
Great news for Kentucky and for our industry.
- October 2, 2008: Captives:
Why the Isle of Man?
- July
16, 2008: The DCIA Interviews Delaware Captive Insurance
Regulator William P. White, ARe. Fast links to important
Delaware info are provided in this Question and Answer article!
- April 2008, White
Paper on Captive Insurance Companies prepared for the Reserve
Bank of New Zealand, prepared by the NzCIA. This is a good Captive Basics
white paper, and contains helpful information on New Zealand as a domicile.
- September 11, 2007: Download this informational
PowerPoint presentation from a session presented at the recent NzCIA
Conference entitled, "New
Zealand Captive Insurance Legislation -- The Future."
- July 27, 2007: The
2006 Captive Act Amendments: Revolutionizing Protected Cell Laws in
the District by Stephen F. Donahoe, Muldoon
Murphy & Aguggia LLP. On March 14, 2007, the District of Columbia
amended its captive insurance laws by enacting the Captive Insurance
Company Amendment Act of 2006 (the “2006 Amendments”). The
2006 Amendments update segregated cell provisions included in the District’s
Captive Insurance Company Acts of 2000 and 2004 and offer clear advantages
over other domestic domiciles with respect to protected cell flexibility.
[more...]
- April
26, 2007 Guernsey Update: Guernsey – A Buoyant Captive Domicile
On PCC’s Tenth Birthday.
- From Best
Review Monthly Insurance Magazine, March 2007: Captive
Island. Puerto Rico's long-time plan to become a haven for
captive insurance companies is becoming a reality. This domicile is
open for business! Copyright© 2007 A.M.
Best, reprinted with permission. All rights reserved.
- Malta Update: March
2007 Compliance Bulletin.
- Regulatory
News: Mississippi House Bill 984 on Registration Fee for Risk Retention
Groups. This house bill was sent to us by the good folks in Mississippi
in the aftermath of a March 27 Captive Daily Wire Posting on RRG fees
that was unclear as to which state was involved.
- A terrific article written by Conor Jennings
entitled, "Virgin
Captives" is awaiting you. This article features a solid
introduction to captive basics, along with an explanation of numerous
advantages offered to captives who domicile in the British Virgin Islands.
Posted in November 2004.
- Protected
Cell Captives in Malta -- Insurance Companies, Insurance Brokers &
Insurance Managers
- Captive
Governance 101 -- a presentation and supporting articles delivered
at the Cayman 2003 Captive Forum by Monte Jahnke and a panel of experts,
featuring governance issues for multiple domiciles, but with an emphasis
on the Cayman Islands.
|