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

Hawaii Captive Recap (as of 9/30/18)

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

Payment Remittance
Payments shall be remitted with completed Captive Payment Voucher.

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 FILINGS

2017 Annual Filing Requirements Memorandum 2017-9C

2017 Domestic RRG Captive Filing Requirements Memorandum 2017-10C

Captive Annual Filings shall be submitted to the following email address: CaptiveInsAnnualFilings@dcca.hawaii.gov.

Captive Annual Filing Forms are not available online. To request forms, please contact us.

BUSINESS PLAN FILINGS

Captive Applications, Business Plan Amendments, Notifications and Conditional Filings shall be submitted to the following email address: CaptiveInsBusPlans@dcca.hawaii.gov.

CAPTIVE INSURANCE SPOTLIGHT

Captive Review – Hawaii Report 2016

CONTACT US

Andrew Kurata
Deputy Commissioner and 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