Montana

[Last updated: 17/05/18]
Regulatory contact:
Steve Matthews
Montana Commissioner of Securities & Insurance
840 Helena Ave.
Helena, MT 59601
Telephone Number: (406) 444-2040
Email Address: SMatthews@mt.gov
Website: http://csimt.gov/

Name of Captive Legislation
Captive Insurance Company, Title 33, Chapter 28, Montana Code Annotated

Year Legislation Passed
2001  

Recent Amendments
In 2019, legislation passed requiring new protected cells to become incorporated. Additional updates to capture laws included clarification of premium tax for potential cells, protected cell dormancy tax and updates to Letter of Credit requirements.

Do you allow Cell Captives?
Yes, protected cells and series LLCs.

Total Number of Licenced Captives
Stand-alone Captives:  94
Cells:  11
SBUs (series business units):  139

Number of Risk Retention Groups or Group Captives
Risk Retention Groups:  9

Number of Single Parent Captives
Included in stand-alones.

Number of Cell Captives
Cell Captives (Core only, not including Cells):  15

Total Active at 12/31/2022
268

Number of licences granted in the past year (2017 calendar year)
Standalone captives (non-cell):  13
SBUs:  33

Approximate (or Average) length of time to process a new captive
2 weeks.

Captive tax rates

Direct premiums:
0.4% on the first $20 million
0.3% on each subsequent dollar collected

Assumed reinsurance premiums:
0.225% on the first $20 million
0.150% on the next $20 million
0.050% on each subsequent dollar collected

Minimum capitalisation rate  
Pure captive: $250K, Industrial insured captive: $500K, Captive risk retention group: $500K, Association captive: $500K, Protected cell captive: $250K to $500K, Reinsurance captive: $125K, Special purpose captive: Amount is at Commissioner's discretion.

Licencing fees  
$300 License fee (due annually), $200 Application fee (one time).

Industry sectors best represented in the domicile  
Rural hospitals, nursing homes, commercial trucking firms, investment firms, medical professional firms, construction companies.

Total premiums received by the Captives
Total Direct Premium (2021): $259,564,468
Total Assumed Premium (2021): 208,723,362
2022 premium data will not be available until April 2023.