Captive Insurance

WHAT IS CAPTIVE INSURANCE

A captive insurance company (or “captive”) can generally be described as a closely held insurance company that insures the risks and exposures of its owners and affiliates.

Since captive law was enacted in 1986, there has been a steady increase in the number of companies incorporated in Hawaii. Organizers include some of the state’s largest employers as well as U.S. and foreign based regional and multinational companies from a diverse range of industries. For more information on captive insurance law, please click here.

Hawaii Captive Fact Sheet

2016 Captive Recap

SETTING UP A CAPTIVE IN HAWAII

Benefits of Creating a Captive in Hawaii

Steps to Create a Captive & Ongoing Procedures

Approved Captive Insurance Managers

TAXES & FEES

Initial Incorporation Fee: $50
Annual Business Registration Fee: $15
Captive Application Fee: $1000
Captive Annual License Fees:
Class 1 and 2: $300
Class 3: $500
Class 4 and 5: $1000

Premium Tax (Annual)
Tax on captive’s premiums written only.  No minimum premium tax, maximum premium tax of $200,000.  No taxation of captive premiums if premiums were previously subjected to tax in jurisdiction where underlying risk is located, or on reinsurance premiums assumed by captive.

Rates as follows:
0.25% on premiums from $0 up to $25 million

0.15% on premiums from $25 million up to $50 million

0.05% on premiums from $50 million up to $250 million

0.00% on premiums more than $250 million

ANNUAL FILING INSTRUCTIONS

2015 Annual Filing Requirements – Memorandum 2015 – 4C

2015 Domestic Risk Retention Captive Insurance Company Filing Requirements

Captive annual filing forms are not available online. Please contact (808) 586-0981 or captiveins@dcca.hawaii.gov to obtain forms.

CAPTIVE INSURANCE SPOTLIGHT

Captive Review – Hawaii Report 2016

CONTACT US

Sanford A. Saito, CFE
Deputy Commissioner & Captive Insurance Administrator

State of Hawaii
Department of Commerce & Commerce Affairs
Insurance Division – Captive Insurance Branch
335 Merchant Street, Room 213
Honolulu, HI 96813

Telephone: (808) 586-0981
Facsimile: (808) 586-0987
Email: captiveins@dcca.hawaii.gov

ADDITIONAL INFORMATION

Hawaii Captive Insurance Council

Hawaii Business Name Search