Saturday, July 27, 2024
Tax Information

 

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)