Ongoing Procedures

Some of the other ongoing procedures and requirements include:

  1. Captive must maintain its principal place of business in Hawaii, and appoint a resident agent to act on its behalf for receipt of service.
  2. Certificate of Authority (or license) is renewed annually.
  3. Class 1, 2, 4 and 5: captives file annual financial reports prepared in accordance with Generally Accepted Accounting Principles or other comprehensive basis of accounting as approved by the Commissioner and audited by an approved independent Certified Public Accountant. Class 3 captives must file annual audited financial statements prepared in accordance with Statutory Accounting Principles, as well as, interim and annual statements on prescribed NAIC Forms. See also http://cca.hawaii.gov/captive/annual-filing-instructions/
  4. All captives are subject to an examination by the Insurance Division as often as the Insurance Commissioner deems appropriate, up to 5 year intervals.
  5. The board of directors or governing body hold at least one meeting each year within the State of Hawaii.
  6. Captive must maintain its minimum required capital and surplus at all times.