Delaware

Delaware

Delaware is the gateway to US markets. Through it's nationally/internationally recognized position in corporate laws, governance and preeminent business climate, this domicile is “where business gets done”. Delaware’s location between the centers of political and business power- Washington DC, and New York City makes it convenient in forming a captive in a nationally recognized and respected captive domicile.

[Last updated: 27/07/16]
Regulatory contact:
Department of Insurance
Captive Bureau
Address of regulator
1007 North Orange Street
10th Floor
Suite 1010
Wilmington, De. 19801
Telephone Number
(302)- 577-5280
FAX- (302)- 577-3057
Email Address
captive@state.de.us



Captive Legislation
Major legislation passed in 2005-the Delaware Revised Captive Insurance Act, Chapter 69, Title 18.
This legislation was the framework from which the Delaware captive domicile had great growth under Commissioner Karen Weldin Stewart.
 
Year Legislation Passed
Delaware statutory changes in 2005 followed by subsequent captive legislative bills in 2007 and 2010 sparked the interest of potential captives looking for a domicile to form their new captive companies.
 
Recent Legislation;
Delaware House Bill 15 – signed into law in June 2015
 
Do you allow Cell Captives?
Yes, we allow cell captives. We presently have thirteen (13) active cell captives. (6/29/2016)
 
Total Number of Licenced Captives
One thousand sixty seven active licensed captives- (1,067 ) (6/29/2016)
 
Number of Risk Retention Groups
Three (3) Risk Retention Groups (6/29/2016)
 
Number of Single Parent Pure Captives
We have two hundred and ninety eight (298) active single parent pure captives. (6/29/2016)
 
Number of Series Captive Insurance companies
We have six hundred and ninety one (691) active series captive insurance companies. (6/29/2016)
 
Number of licences granted in the past year (2015 calendar year)
We have issued over 175 insurance certificates of authority in calendar year 2015. 
 
Approximate (or Average) length of time to process a new captive
The average length of time for processing a new captive is one month.
 
Captive tax rates (include descriptions if needed)
Premium Taxes are annually due on March 1st.
Direct Premium Tax rate is 2/10% of 1 percent
Maximum Direct Premium Tax annually due is $200,000
Reinsurance Premium Tax Rate is 1/10% of percent
Maximum Assumed Reinsurance Tax annually due is $110,000
 
Minimum capitalisation rate
Pure parent captive company is $250,000
Series captive company – as determined by the Commissioner
Agency captive company is $250,000
Association captive company is $250,000
Branch captive company is $250,000
Industrial captive company is $500,000
Sponsored captive company is $500,000
Risk Retention Group is $1,000,000
 
Minimum capital and surplus must be maintained in a form of cash, irrevocable letter of credit or any other asset as approved by the Insurance Commissioner.
 
Licensing fees
$3,500.00
The fees may be paid by mailing payment to:
Delaware Department of Insurance
Bureau of Captive and Financial Insurance Products
841 Silver Lake Blvd.
Dover, De. 19904 
 
 
Industry sectors best represented in the domicile 
Healthcare, construction, sports
 
List the top 5 uses for Captives in your domicile, and if possible, number of captives of each type
CYBER LIABILITY
REPUTATIONAL LIABILTY
DIRECTORS and OFFICERS
TAX AUDIT REIMBURSEMENT
BUSINESS INTERUPTION
 
Total premiums received by the Captives
$4,936,580,234 dollars   
 
Captive Insurance Managers registered to conduct business in the domicile
Please see http://captive.delawareinsurance.gov – for a listing of the Delaware licensed captive managers.

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