Ohio governor signs captive insurer bill
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Ohio Gov. John Kasich has signed into law a measure allowing the formation of captive insurers and special purpose financial captive insurers in the state.
H.B. 117, signed into law Tuesday, requires captives to have a minimum of $250,000 in capital and surplus, with the minimum set at $500,000 for protected cell companies.
Ohio captives are required to pay an annual fee of 0.35% on net direct premiums and 0.15% on revenue from assumed reinsurance premiums with an annual minimum fee of $7,500 and an annual maximum fee of $250,000.
The new law requires Ohio-domiciled captives to hold at least one board meeting annually in the state and that their manager be an Ohio resident.
