Illinois

Illinois

[Last updated: 28/07/16]
Regulatory contact:
Marcy Savage
320 West Washington,
Springfield,
Illinois 62767
217-524-0016


Marcy.savage@illinois.gov

Insurance.illinois.gov



Name of Captive Legislation
Article VIIC – Domestic Captive Insurance Companies
 
Year Legislation Passed
1987-1988
 
Recent Amendments
1999-2000
 
Do you allow Cell Captives?
No
 
Total Number of Licenced Captives
2 - pure
 
Number of Risk Retention Groups or Group Captives
1
 
Number of Single Parent Captives
2 - pure
 
Number of Cell Captives
0
 
Number of licences granted in the past year (2015 calendar year)
1
 
Approximate (or Average) length of time to process a new captive
3 to 5 months
 
Captive tax rates
.5% of the net taxable premium written (Section 409)
 
Minimum capitalisation rate
$1,000,000 in capital, $1,000,000 in surplus
 
Licencing fees
 $7000 filing fee
 
Industry sectors best represented in the domicile
Agriculture and education
 
Top uses for Captives in the domicile
Auto, professional, workers compensation (reinsurance), other lines
 
Total premiums received by the Captives
Total direct written premium from both captives - $63,663,766
 
Total value of assets under management
Total assets - $135,978,005
 
Captive insurance managers registered to conduct business in the domicile
Aon Insurance Managers

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