Missouri shows the captive way forward
“We’re staying true to our objective of supporting the needs of our captive insurance community.”
Sam Komo, Missouri Department of Commerce & Insurance
Missouri and the Midwest region have a legacy of being the home of many companies seen as leaders within their field. This area continues to be a destination for innovators, with new companies seeking to take their place in the national and global economy.Missouri’s determination to support these entrepreneurs generated the development of the state’s captive insurance legislation in 2007.Since that time, the Show-Me Captive programme has served Missouri’s captives territory with the best type of experience—the kind of experience that believes sound regulation is beneficial and overregulation is not.
Show-Me active captives
For some in the industry, their sole focus is on the number of active captives as a measure of their success, but while having active captives numbering in the hundreds sounds impressive, there should be more to the story.Show-Me Missouri Captives is interested in more than an active number. We’re devoted to the success of our captive companies and look at other numbers when determining a captive company’s overall health and ability to succeed. That’s why we look at the gross written premium.With $4.7 billion in gross written premiums, we believe our 52 captive companies are very successful. This means we’re staying true to our objective of supporting the needs of our captive insurance community and ensuring their best opportunity to find that success.
Show-Me a dedicated team
The Show-Me Missouri Captive programme knows every captive is more than a number. For us, it’s personal. We recognise that to truly understand the needs of your industry and help keep costs reasonable for the captive owner, we need to retain a highly experienced team that knows the complexity of your industry.We accomplish this by having a skilled captive manager who coordinates the programme’s day-to-day operations and a dedicated team who are cross-trained to provide depth of service and flexibility. This allows our programme to keep all processes in-house and to handle complex issues rapidly, thereby reducing the overall costs for our captive companies.
Show-Me a simple fee structure with no hidden costs
It’s that simple: there are no hidden costs. Your $7,500 application or renewal fee is 100 percent deductible from your premium tax as shown in Table 1. The minimum premium tax is $7,500, and the maximum tax is $200,000 for a combined group.Table 1: Premium taxes
“Missouri’s laws are competitive and allow multiple options that are flexible enough to satisfy the unique needs of each captive.”
Show-Me efficient captive laws and regulations
Since taking over leadership of the Show-Me Captive Programme in 2021, I have used my legislative experience to streamline processes and review legislation to ensure we support the captives industry to the fullest extent possible within our laws.Missouri’s laws are competitive and allow multiple options that are flexible enough to satisfy the unique needs of each captive.I served in the Missouri House of Representatives when the captive law was initially passed in 2007, and I understand the need to support this industry when voting for the legislation and to pursue the need to provide opportunities for industries in today’s quickly changing economy.
We know many options are available when looking for a place to domicile a captive. And because each state varies slightly in its regulations and fee structure, it’s essential to look for the right fit for a company’s unique needs. We’re happy to have those conversations and to show you Missouri’s ability to support the success of captives beyond the numbers on a spreadsheet.Show-Me Missouri Captives is more than a slogan—it’s the confidence that we have what you need to find that success and the support to keep you satisfied with your choice. Let us show you the Missouri Captive Insurance Programme before you make your decision about where to domicile.