Premiums for captives are taxed at the rates in the table below, and paid by March 1 based on premiums from prior years.
COLLECTED PREMIUMS
|
DIRECT
|
REINSURED
|
$1 - 20m
|
.4%
|
.225%
|
$20m - 40m
|
.3%
|
.15%
|
Above $40,000,000
|
n/a
|
.05%
|
Two or more captives under common ownership and control will be taxed as though they were a single captive insurance company
- The minimum annual premium tax is $5,000
- Tax rates are accessed on the captive's collected premiums (after deductions)
|