Legislation Captive Insurance Law 7/1/87, Ch. 431,
Article 19 of Hawaii Revised Statutes,
Revised 5/13/91
Supervisory Jurisdiction Insurance Commissioner
Application to State of Hawaii, Insurance Division,
Department of Commerce and Consumer Affairs
Data includes Application for Admission, Certificate of
Incorporation, Articles and By-laws,
feasibility study prepared by actuary,
statement of benefit to Hawaii,
biographical affidavits on officers and
directors, list of service providers and
details of service fees, detailed plan of
operation (five year projections)
Reporting Requirements Audited financial statements, corporate
annual report, captive questionnaire,
annual statement of premiums, annual
statement of actuarial opinion
Restriction on Business No unrelated business and no personal lines
Capitalisation Pure captive US $250,000
Association captive US $750,000
Risk Retention Groups (RRGs) US $500,000
Individual requirements for each captive
specified by Insurance Commissioner
Minimum Solvency No minimum ratios required
Fees Application fee: US $1,000;
Review fees: Pure captive
US $3,500; Groups and Associations, $7,500
Annual Costs US $850 annual licence, renewal and
examination fee
Currency US dollars
Taxation No state income or federal excise taxes.
Premium taxes 0.25% for pure and 1.0% for
associations or RRGs (on coverage where not
otherwise taxed)
Location Pacific island situated south west of USA
mainland
Administration Established infrastructure
For further information contact Jenny Hill tel: +44 (0) 171 488 8866, fax: +44 (0) 171 488 8968 or visit the Willis Corroon web site, at Click Contact Link , or enter a text search 'Willis Corroon' and 'Business Monitor'.
