West Virginia

[Last updated: 25/07/16]
Regulatory contact:
J. Leah Cooper
900 Pennsylvania Avenue Charleston, WV  25302
304-558-2100
Email Addressleah.j. cooper@wv.gov
Website www.wvinsurance.gov



Name of Captive Legislation     
CAPTIVE INSURANCE W.VA. CODE 33-31-1 ET.SEQ.
SPONSORED CAPTIVE INSURANCE COMPANY FORMATION W.VA. CODE 33-31A-1 ET. SEQ.
 
Year Legislation Passed                               
1987/2004
 
 
Recent Amendments                    
2004/2011
 
Do you allow Cell Captives?      
YES        
33-31A-1 ET. SEQ.
 
Total Number of Licenced Captives
0
 
Number of Risk Retention Groups or Group Captives    
0
 
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              
60 DAYS
 
Captive tax rates
W.VA CODE 33-31-14 = 4.55%
 
Minimum capitalisation rate 
PURE CAPTIVE   $100,000 IN PAID IN CAPITAL AND $150,000 PAID IN SURPLUS
ASSOCIATION CAPTIVE $350,000 IN PAID IN CAPITAL AND  $350,000 PAID IN SURPLUS
INDUSTRIAL CAPTIVE     $250,000 IN PAID IN CAPITAL  AND $250,000 PAID IN SURPLUS
RISK RETENTION GROUP             $500,000 IN PAID IN CAPITAL AND $500,000 IN SURPLUS
SPONSORED CELL IC        $250,000 IN PAID IN CAPITAL AND $250,000 IN PAID IN SURPLUS
 
Licencing fees 
$200 AND $300 ANNUAL LICENSE
 

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