- Single parent captives
- Association captives
- Group captives
- Protected cell/segregated portfolio companies
- Special purpose captives
- Special purpose financial captives
The minimum capital requirement is based upon the higher product of a set of formulas calculated as factors of premium volume and policyholder obligations (i.e. total (re)insurance reserves), subject to respective floors. The floor for Class 1 (single-parent insuring only risks of parent and affiliates) is $120,000; the floor for Class 2 (a multi-owner captive insuring the risks of its owners or affiliates of the owners; or a single parent or multi-owner captive: (i) insuring the risks arising out of the business or operations of the owners or affiliates, and/or (ii) deriving up to 20.0% of its net premiums from unrelated risks) is $250,000; the floor for Class 3 (captive insurers underwriting more than 20.0% and less than 50.0% unrelated business) is $1 million.