What is Captive Insurance

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

The captive insurance branch reviews and evaluates each prospective captive application on a case-by-case basis to ensure appropriate economic and social responsibility of each program structure and its related constituencies, as well as, compliance with applicable State laws and regulations. On an ongoing basis, the CI branch utilizes interim and annual reports and filings, and on-site examinationsto monitor compliance with the approved applications and business plans.