West Virginia

[Last updated: 25/07/16]
Regulatory contact:
J. Leah Cooper
900 Pennsylvania Avenue Charleston, WV  25302
304-558-2100
Email Addressleah.j. cooper@wv.gov
Website www.wvinsurance.gov

Name of Captive Legislation       
CAPTIVE INSURANCE W.VA. CODE 33-31-1 ET.SEQ.
SPONSORED CAPTIVE INSURANCE COMPANY FORMATION W.VA. CODE 33-31A-1 ET. SEQ.

Year Legislation Passed                                 
1987/2004


Recent Amendments                      
2004/2011

Do you allow Cell Captives?        
YES         
33-31A-1 ET. SEQ.

Total Number of Licenced Captives
0

Number of Risk Retention Groups or Group Captives      
0

Number of Single Parent Captives            
0

Number of Cell Captives                              
0


Number of licences granted in the past year (2015 calendar year)             
0


Approximate (or Average) length of time to process a new captive               
60 DAYS

Captive tax rates
W.VA CODE 33-31-14 = 4.55%

Minimum capitalisation rate  
PURE CAPTIVE   $100,000 IN PAID IN CAPITAL AND $150,000 PAID IN SURPLUS
ASSOCIATION CAPTIVE $350,000 IN PAID IN CAPITAL AND  $350,000 PAID IN SURPLUS
INDUSTRIAL CAPTIVE     $250,000 IN PAID IN CAPITAL  AND $250,000 PAID IN SURPLUS
RISK RETENTION GROUP             $500,000 IN PAID IN CAPITAL AND $500,000 IN SURPLUS
SPONSORED CELL IC        $250,000 IN PAID IN CAPITAL AND $250,000 IN PAID IN SURPLUS

Licencing fees  
$200 AND $300 ANNUAL LICENSE