|Capitalization||Class 1: $100,000
Class 2: $250,000
Class 3: $500,000
Class 4: $500,000
Class 5: as determined by insurance commissioner.
|Registration & Incorporation Expenses||(a) Each captive insurance company applying for a certificate of authority under the captive insurance code shall pay to the commissioner a nonrefundable fee of $1,000 for examining, investigating, and processing its application for license. In addition, each captive insurance company receiving a license from the commissioner shall pay a license fee for the year of registration and a renewal fee for each succeeding year as follows:
(1) $300 for each class 1 or class 2 captive insurance company;
(2) $500 for each class 3 captive insurance company; or
(3) $1,000 for each class 4 or class 5 captive insurance company.
(b) Each captive insurance company shall pay to the commissioner a nonrefundable fee of $25 for the preparation and issuance of each of the following: certificates of compliance, deposit, application, capital and surplus, transcript of records, annual statements, report of examination, and other certifications as may be necessary, but excluding certificates of authority.
(c) Each captive insurance company shall pay to the commissioner a nonrefundable fee of twenty-five cents per side of each page for photocopies of documents.
(d) The rates and fees charged by approved advisers shall be subject to the review of the commissioner.
|Investment Restrictions||Allows cell captives.
0.25% on first $25 million in premiums
0.15% on next $25-$50 million in premiums
0.05% on premiums $50-$250 million
0% on premiums over $250 million
No minimum premium tax.
Maximum premium tax of $200,000
Chapter 431, Article 19 of Hawaii's Revised Statutes
|Supervisory Jurisdiction||George w. Sumner III
Deputy Insurance Commissioner and Captive Administrator
State of Hawaii, Department of Commerce and Consumer Affairs, Insurance Division
335 Merchant St., P. O. Box 3614
Honolulu, Hawaii 96811-3614
|Reserve & Underwriting Requirements||
|Local Office Requirements||
|Estimated Number of Captives||Single Parent Captives=156
|News||Became domicile in 1986.