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.
SETTING UP A CAPTIVE IN HAWAII
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 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
Captive annual filing forms are not available online. Please contact (808) 586-0981 or firstname.lastname@example.org to obtain forms.
CAPTIVE INSURANCE SPOTLIGHT
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