In accordance with Gov. Ige’s Executive Order, beginning Sept. 13, 2021, all visitors to the Department of Commerce and Consumer Affairs should be prepared to provide verification of being fully vaccinated or a negative COVID-19 test result in order to enter the state facility. The test sample cannot be taken more than 72 hours prior to time of entry and must be administered or observed by an authorized site or healthcare provider. All approved visitors are still required to wear masks, physically distance, and obey instructions as directed by staff while inside. People under the age of 12, who are not yet eligible for the vaccine, are exempt from the requirement.
Insurance Division will be closed for walk-in services the week of September 13-17, 2021, but staff will remain available during normal hours to meet the needs of the public over the phone and online. The public is strongly encouraged to continue calling in or utilizing the available online services.
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
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
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]