Maine

Maine

The State of Maine has no premium tax for captives. As such, captives operating without income pay no tax.

[Last updated: 21/07/16]
Regulatory contact:
Stuart Turney
Maine Bureau of Insurance 34 State House Station Augusta, ME  04333-0034
Telephone Number 207-624-8464
Email Address stuart.e.turney@maine.gov
Website http://www.maine.gov/pfr/insurance



Name of Captive Legislation
M.R.S.A. Title 24-A Chapter 83: Captive Insurance Companies
Year Legislation Passed
1997
Recent Amendments
2013
Do you allow Cell Captives?
Yes, see sponsored captives
Total Number of Licenced Captives (include separate numbers for Cells and standalone Captives)
2
Number of Risk Retention Groups or Group Captives
2
Number of Single Parent Captives
0
Number of Cell Captives
0
Number of licences granted in the past year (2015 calendar year)
0
Approximate (or Average) length of time to process a new captive
Three months depending upon complexity
Captive tax rates 
No premium tax, captives subject to Maine corporate income tax
Minimum capitalisation rate 
Pure captive – minimum $250,000
Association captive – minimum $750,000
Industrial insured captive – minimum $500,000
Sponsored captive – minimum $500,000
Risk retention group – minimum $1,000,000
Licencing fees 
Application fee - $1,000
License fee - $100
Financial statement - $100
Re-domesticating to Maine fee - $500

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