Bermuda
- Total number of active captives
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- Gross written premium for all captives
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- Total number of active captives, as of 12/31/2018
- 739
- Types of captives allowed
- Single parent captives
- Association captives
- Group captives
- Protected cell/segregated portfolio companies
- Special purpose captives
- Special purpose financial captives
- Premium tax rate
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- Minimum capital (broken out by type of captive)
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.
- Applicable Acts/Enabling Legislation
- The primary legislation relating to insurance business is the Insurance Act 1978, as amended, and related regulations.
- Captive Administrator’s name and longevity in position and also within department
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- Regulator
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- Address and contact information of Regulatory Department
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- Website Address
- https://www.bma.bm