Illinois
[Last updated: 28/07/16]
Regulatory contact:
Marcy Savage
320 West Washington,
Springfield,
Illinois 62767
217-524-0016
Marcy.savage@illinois.gov
Insurance.illinois.gov
Name of Captive Legislation
Article VIIC – Domestic Captive Insurance Companies
Year Legislation Passed
1987-1988
Recent Amendments
1999-2000
Do you allow Cell Captives?
No
Total Number of Licenced Captives
2 - pure
Number of Risk Retention Groups or Group Captives
1
Number of Single Parent Captives
2 - pure
Number of Cell Captives
0
Number of licences granted in the past year (2015 calendar year)
1
Approximate (or Average) length of time to process a new captive
3 to 5 months
Captive tax rates
.5% of the net taxable premium written (Section 409)
Minimum capitalisation rate
$1,000,000 in capital, $1,000,000 in surplus
Licencing fees
$7000 filing fee
Industry sectors best represented in the domicile
Agriculture and education
Top uses for Captives in the domicile
Auto, professional, workers compensation (reinsurance), other lines
Total premiums received by the Captives
Total direct written premium from both captives - $63,663,766
Total value of assets under management
Total assets - $135,978,005
Captive insurance managers registered to conduct business in the domicile
Aon Insurance Managers