Types of Captives


Type

Statutory Min. C&S (§38-90-40 & 50)


Description

Association Captive

$750,000

Insures the risks of association members and affiliated companies.

Branch Captive

$250,000

A branch of an existing alien insurer which is licensed to write business in this state.

Pure Captive

$250,000

Insures the risks of its parent, subsidiaries, and affiliates

Risk Retention Group

$500,000

Insures the liability-only risks of its owner/insureds. 

Special Purpose Captive

Case by case basis

A captive that does not meet the definition of any other type of defined captive. 

Special Purpose Financial Captive

$250,000

Created to facilitate insurance securitization and other similar transactions which enable insurers to improve capital utilization.

Sponsored Captives*

$1,000,000


A captive that offers protected cells which may be incorporated or unincorporated. 

*Under certain circumstances, the minimum capital and surplus for sponsored captives can be reduced to $300,000.