Hawaii
[Last updated: 01/06/23]
Regulatory contact:
Andrew Kurata
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
None
Do you allow Cell Captives?
Yes
Total Number of Licenced Captives
255 as of December 31, 2022
Number of Risk Retention Groups or Group Captives
16
Number of Single Parent Captives
216
Number of Cell Captives
10
Number of licences granted in the past year (2022 calendar year)
13
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. A maximum premium tax of $200,000.
No taxation of captive premiums if premiums were previously subjected to tax in the 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
2022: US$15.6 Billion
Total value of assets under management
2022 not fully compiled yet.
As of 12/31/2021: US$30.3 Billion
Captive Insurance Managers registered to conduct business in domicile
Download the complete list here.