The Financial Institutions Commission (FICOM) is an agency of the provincial government, which administers nine statutes, including the Insurance (Captive Company) Act, providing regulatory rules for the protection of the public in the province of British Columbia.
[Last updated: 26/07/16]
Regulatory contact:
Financial Institutions Commission (FICOM)
2800-555 West Hastings Street
Vancouver, BC
V6B 4N6
Telephone: 604 660-3555
Ficom@ficombc.ca
www.fic.gov.bc.ca
Name of Captive Legislation
Insurance (Captive Company) Act
Year Legislation Passed
1996
Recent Amendments
N/A
Do you allow Cell Captives?
No
Total Number of Licenced Captives
20
Number of Risk Retention Groups or Group Captives
0
Number of Single Parent Captives
20
Number of Cell Captives
0
Number of licences granted in the past year (2015 calendar year)
Registration is renewed annually for each captive - 20
Approximate (or Average) length of time to process a new captive
120 Days
Captive tax rates (include descriptions if needed)
Corporate tax rates: Federal: 15%, Provincial 11%
Premium tax rates: Variable
Minimum capitalisation rate
$300,000
Licencing fees
Annual renewal fee - $2,500
Total premiums received by the Captives
$22,102,300
Total value of assets under management
$280,000,000