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DC Captive Domicile Profile
A DC Captive Domicile must meet the following profile requirements:
- Acceptable Ownership Forms: Agency, association, Branch, Pure, Rental, Sponsored
- Acceptable Corporate Forms: Stock, Mutual or Reciprocal
- Financial Statement Minimums: See Table I
- Direct Insurance Permitted: Excess workers' compensation insurance to its parent and affiliates.
- Reinsurance Permitted: May provide on risks ceded by another insurer. May take credit reserves on risk ceded to a reinsurer. Insurance provided on any qualified plan for workers' compensation of its parent or affiliates in which the insurance is provided as a self-insurance plan.
- Rates & Forms: No approval required.
- Minimum Premium: No minimum premium required.
- Premium Taxes: See Table II
- Investment Restrictions: Association, Agency and Rental must comply with statutory requirements. Pure must file proposed investment with the Commissioner.
- Reporting Requirements: Annual Report
- Application Process: Insurance Department will process properly documented applications in not more than thirty (30) days.
- $500 Application fee (non-refundable)
- $300 Certificate of Authority issuance fee
Table I
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Financial Statement Minimums
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Capital
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Surplus
|
| Pure |
$100,000 |
$150,000 |
| Association (Stock) |
$200,000 |
$300,000 |
| Association (Mutual or Reciprocal) |
- |
$500,000 |
| Agency |
$300,000 |
$300,000 |
| Sponsored |
$300,000 |
$300,000 |
Table II
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Premium Taxes (Millions)*
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Direct
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Reinsurance
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| First $20 M |
0.4 % |
0.225 % |
| $20 to $40 M |
0.2 % |
0.15 % |
| Over $40 M |
0.075 % |
0.025 % |
| * Minimum Tax $5000 |
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