Georgia
[Last updated: 19/01/23]
Regulatory contact:
Travis Bowden, CPCU, FLMI, CIE, ARA, MCM, Supervisor, Captive Insurance Division
2 Martin Luther King, Jr. Drive Suite 906, West Tower Atlanta, Georgia 30334
Telephone Number (404) 656-2120
Email Address: TBowden@OCI.GA.GOV
Website www.oci.ga.gov
Name of Captive Legislation
O.C.G.A. §33-41-1 et seq. – Georgia Captive Insurance Company Act
Year Legislation Passed
1988
Recent Amendments
- 2015 – House Bill 552
- 2016 – Senate Bill 347
- 2017 - Senate Bill 173
- 2019 – House Bill 99
Do you allow Cell Captives?
Yes
Total Number of Licenced Captive Insurance Companies
56
Number of Risk Retention Groups or Group Captives
137 Risk Retention Groups
9 Association Captives
Number of Single Parent Captives
57
Number of Cell Captives
67
Number of licences granted in the past year (2022 calendar year)
17 licenses granted in calendar year 2022
Approximate (or Average) length of time to process a new captive
30-45 days (average)
Captive tax rates
- 4% on the first $20 million and 0.3% on each dollar thereafter on its direct premiums collected, after deducting from the direct premiums subject to the tax the amounts paid to policyholders as return premiums, which must include dividends on unabsorbed premiums or premium deposits returned or credited to policyholders;
- Captives pay a maximum tax of $100,000.00 per year.
Minimum capitalization rate
- Pure Captive - $250,000 minimum
- Agency Captive - $250,000 minimum
- Association Captive - $500,000 minimum
- Industrial Insured Captive - $500,000 minimum
- Risk Retention Group Captive - $500,000 minimum
Licencing fees
- Initial License (all captives) - $755
- Includes filing fees for incorporation and name approval
- There is an additional Organizational Exam fee of $3,000 (or more for highly complex business plans) for newly forming Captives
- Renewal License for Pure and Agency Captives - $555
- Includes yearly filing fee
- Renewal License for Industrial Insured and Association Captives - $705
- RRG Renewal fee - $255
- Includes quarterly and year-end filing fees
Industry sectors best represented in the domicile
Construction, Real Estate, Manufacturing, Retail/Wholesale
Top 5 uses for Captives in the domicile
- Workers’ Compensation
- Commercial Auto Liability
- General Liability
- Professional liability
- Property
Total premiums received by the Captives
Approximately $2,215,287,291.98 as of year-end 2021.
Captive Insurance Managers registered to conduct business in the domicile
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