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Member, Beacon International Group, Ltd.
HONOLULU-The Hawaii Division of Insurance determines capital and surplus requirements on a case-by-case basis, but an applicant may expect minimum capitalization requirements to be $250,000 for pure captives, $750,000 for association captives and $500,000 for risk retention groups.
Application review fees are about $3,500 for pure or single-owner captives and $7,500 for association captives and risk retention groups, depending on the degree of complexity of the filing.
License renewal fees for captives in the state are $300 annually.
Premium tax rates are 0.25% for single-parent captives and 1% for association captives and risk retention groups.
Other category requirements include:
A minimum of one annual board of directors meeting, which the captive insurer must hold in the state of Hawaii.
Maintaining the captive's principal place of business in the state.
Appointing a resident agent to represent the captive company locally.
Captive companies based in Hawaii normally are permitted to underwrite property, casualty, marine and transportation, surety, title and workers compensation coverages.
For more information on forming a captive insurance company in Hawaii, contract Rey Graulty, Insurance Commissioner, 250 S. King St. P.O. Box 3614, Honolulu, Hawaii 96811-3614; 808-586-2790.