Maine

[Last updated: 02/02/23]

Regulatory contact:
Stuart Turney
Maine Bureau of Insurance 34 State House Station Augusta, ME  04333-0034
Telephone Number 207-624-8464
Email Address stuart.e.turney@maine.gov
Website  http://www.maine.gov/pfr/insurance

Name of Captive Legislation
M.R.S.A. Title 24-A Chapter 83: Captive Insurance Companies

Year Legislation Passed
1997

Recent Amendments
2017 

Do you allow Cell Captives?
Yes, see sponsored captives

Total Number of Licenced Captives (include separate numbers for Cells and standalone Captives)
1

Number of Risk Retention Groups or Group Captives
1

Number of Single Parent Captives
2

Number of Cell Captives
0

Number of licences granted in 2022
0

Approximate (or Average) length of time to process a new captive
Three months depending upon complexity

Captive tax rates 
No premium tax, captives subject to Maine corporate income tax

Minimum capitalisation rate 
Pure captive – minimum $250,000
Association captive – minimum $750,000
Industrial insured captive – minimum $500,000
Sponsored captive – minimum $500,000
Risk retention group – minimum $1,000,000

Licencing fees 
Application fee - $1,000
License fee - $100
Financial statement - $100
Re-domesticating to Maine fee - $500