Hawaii

Hawaii

Hawaii’s 30 years of Experience and Aloha established a highly respected domicile worldwide and the premier domicile of the Pacific Region. Our partnership approach working with captive owners and the industry offers a stable and prudent domicile for captive organizers ensuring the continued success of Hawaii captive programs in this rapidly changing area.

[Last updated: 20/07/16]
Regulatory contact:
Sanford Saito
335 Merchant Street, RM 213
Honolulu, Hawaii 96813
Telephone Number
(808) 586-0981
Email Address
captiveins@dcca.hawaii.gov
Website
cca.hawaii.gov/captive



Name of Captive Legislation
Hawaii Revised Statutes, Title 24, Chapter 431, Article 19
 
Year Legislation Passed
May 1986
 
Recent Amendments
Recent amendments were to add corporate governance requirements for captive risk retention groups required by the NAIC.
 
Do you allow Cell Captives?
Yes
 
Total Number of Licenced Captives
208 as of June 30, 2016
 
Number of Risk Retention Groups or Group Captives
16
 
Number of Single Parent Captives
180
 
Number of Cell Captives
6
 
Number of licences granted in the past year (2015 calendar year)
19
 
Approximate (or Average) length of time to process a new captive
30 Days
 
Captive tax rates 


 
Tax Rate

 
State Captive Premium Tax Rate

0.25%

$0 to $25 million

0.15%

$25 million to $50 million

0.05%

$50 million to $250 million

0.00%

$250 million and up


Tax on captive’s premiums only.  No Minimum Premium Tax.  Maximum premium tax of $200,000.
No taxation of captive premiums if premiums were previously subjected to tax in jurisdiction where underlying risk is located or on reinsurance premiums assumed by captive.
 
Minimum capitalisation rate 


Class

Captive Class Description

Minimum Statutory Requirements

1

Single Owner; Reinsurance only

$100,000

2

Single Owner; Direct and Reinsurance

$250,000

3

Multi-Owner; Association or Risk Retention Captive

$500,000

4

Sponsored Captive

$500,000

5

Reinsurance or Excess Insurance Only

Determined by Insurance Commissioner


 
Minimum required capital and surplus determined by Insurance Commissioner based on each captive program.
 
Licencing fees 
Initial Incorporation Fee                        $50
Captive Application Fee                  $1,000
Annual Business Registration Fee     $15
Annual Captive License Fee
Class 1 and 2                                 $300
Class 3                                             $500
Class 4 and 5                                 $  1,000
 
 
Industry sectors best represented in the domicile 


 
Construction / Real Estate

Health Care

Telecommunications & Manufacturing

Retail & Other Services

Financial Services

Transportation / Energy


 
 
Top uses for Captives in the domicile
Commercial General Liability
Property
Auto Liability
Wokers’ Compensation
Professional Liability
Other
 
Total premiums received by the Captives
2015: US$4.34 Billion
 
Total value of assets under management
2015 not fully compiled yet.
As of 12/31/2014:  US$18.83 Billion
 
Captive Insurance Managers registered to conduct business in domicile
Cinda Carbone
Executive Vice President
ACTIVE CAPTIVE MANAGEMENT, LLC
24422 Avenida De La Carlota, Suite 400
Irvine, California 92653
 
Robert Gagliardi
Regional Director – US Captive Operations
AIG INSURANCE MANAGEMENT SERVICES, INC.
30 Main Street, Suite 330
Burlington, Vermont 05401
 
Yumiko Saito
Senior Account Executive
AIG INSURANCE MANAGEMENT SERVICES, INC.
2 Waterfront Plaza, Suite 200
500 Ala Moana Blvd.
Honolulu, Hawaii  96813
 
Donald Rousso
President
ALTA HOLDINGS, LLC
17520 Von Karman Avenue
Irvine, California 92614
 
Karen Venner
Account Executive
AMETHYST CAPTIVE INSURANCE SOLUTIONS, INC.
150 Bank St, Suite 201
Burlington, Vermont 05402
 
Christina Kamaka
Vice President
AON INSURANCE MANAGERS (USA) INC
201 Merchant Street, Suite 2400
Honolulu, Hawaii 96813
 
Fay Okamoto
Division Senior Vice President
ARTEX RISK SOLUTIONS, INC
1357 Kapiolani Blvd., Suite 1430
Honolulu, Hawaii 96814
 
Matthew Takamine
Senior Vice President
BEECHER CARLSON INSURANCE SERVICES, LLC
American Savings Bank Tower
1001 Bishop Street, Suite 2788
Honolulu, Hawaii 96813
 
Colin Teraoka
Captive Insurance Manager
FIRST RISK MANAGEMENT SERVICES, INC
1100 Ward Avenue
Honolulu, Hawaii 96814
 
James Gordon and Gregory Petrowski
GPW & ASSOCIATES
2700 North Third Street, Suite 3050
Phoenix, Arizona 85004-1129
 
Scot Sterenberg
Vice President
MARSH MANAGEMENT SERVICES INC
Topa Financial Center Fort Street Tower
745 Fort Street, Suite 1100
Honolulu, Hawaii 96813-3800
 
Matthew Howard
MIJS CAPTIVE MANAGEMENT, LLC
326 Roswell Street
Marietta, Georgia 30060
 
Tony Schmidt
PACIFIC RISK SOLUTIONS, LLC
2897 Kalawao Street
Honolulu, Hawaii 96822
 
Wesley Sierk, III
President
RISK MANAGEMENT ADVISORS, INC.
444 W Ocean Blvd., Suite 1250
Long Beach, California  90802
 
Michael Stern
Chief Executive Officer
STERN RISK PARTNERS, LLC.
3900 S. Wadsworth Blvd., Suite 370
Lakewood, Colorado  90235
 
Ann Wick
President
STRATEGIC RISK SOLUTIONS (WEST), INC.
18835 N. Thompson Peak Parkway, Suite 220
Scottsdale, Arizona 85255
 
Craig Watanabe
Regional Manager
STRATEGIC RISK SOLUTIONS (WEST), INC.
Seven Waterfront Plaza, Suite 400
500 Ala Moana Boulevard
Honolulu, Hawaii  96813
 
Andrew Sargeant
President
USA RISK GROUP WEST, INC.
7580 E. Gray Road, Suite 101
Scottsdale, Arizona 85260
 
Jason Palmer
Regional Managing Director
WILLIS TOWERS WATSON PLC
Pauahi Tower
1003 Bishop Street, Suite 1220
Honolulu, Hawaii 96813

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