Captive Insurance
The Captive Insurance team at the 2024 Hawaii Captive Insurance Council Annual Forum on Kauai.
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, see HRS 431 Article 19.
Hawaii Captive Recap (9/30/24)
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 FILINGS
2023 Annual Filing Requirements Memorandum 2023-8C
2023 Domestic RRG Captive Filing Requirements Memorandum 2023-9C
Captive Annual Filings shall be submitted to the following email address: [email protected].
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: [email protected].
CAPTIVE INSURANCE SPOTLIGHT
Captive Review – Hawaii Report 2016
CONTACT US
Andrew Kurata
Deputy Commissioner and Captive Insurance Administrator
State of Hawaii
Department of Commerce & Consumer Affairs
Insurance Division – Captive Insurance Branch
335 Merchant Street, Room 213
Honolulu, HI 96813
Telephone: (808) 586-0981
Facsimile: (808) 586-0987
Email: [email protected]