United States:
Delaware Governor Signs Law Creating Streamlined And Inexpensive Regulatory Regime For Dormant Captive Insurance Companies
05 October 2017
Carlton Fields
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The bill defines a dormant captive insurance company as one that
(1) did not contract for any direct premium or reinsurance premium
for a full calendar year, (2) is not obligated as an insurance
company under any contract of insurance or reinsurance during any
year it is a dormant captive, and (3) has provided written notice
to the Commissioner of its intent to be a dormant captive. Among
various provisions, the bill requires a dormant captive to possess
and maintain $25,000 in unimpaired capital and surplus (or such
other amount determined by the Commissioner), and exempts a dormant
captive from the payment of premium tax, the filing of annual
statements, the preparing of audited financial statements, and
obtaining statements of actuarial opinion. Del. HB
87 (eff. Aug. 31, 2017).
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