Michigan
- Year captive legislation was passed
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- Total number of captives as of year-end 2022
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- Number of pure / single parent captives as of 2022
- 21
- Number of group / association captives as of 2022
- 3
- Total gross premium written and assets under management (AuM) as of year-end 2021
- Gross premium: USD $2,519,317,016
- Types of captives allowed
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- Single parent captives
- Association captives
- Group captives
- Protected cell/segregated portfolio companies
- Special purpose captives
- Special purpose financial captives
- Number of full-time employees in captive regulatory department
- 3
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Initial licensing and incorporating fees required by the domicile
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- Annual filing requirements
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- Annual fees
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- Premium tax rate
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- Minimum capital (broken out by type of captive)
-
$150,000 Pure Captive
$250,000 Pure Captive (Non-Profit)
$400,000 Association/group (stock)
$750,000 Association/group (mutual)
$300,000 Industrial
$500,000 ($150,000 if less than 10 homogenous cells)
SPFV – $250,000 - Applicable Acts/Enabling Legislation
- Public Act 29 of 2008 adding Chapters 46, 47, and 48 to the MI Insurance Code as well as the Michigan Captive Administrative Rules.
- Captive Administrator’s name and longevity in position
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- Speed of licensing
- 30 days
- Regulator
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- Address and contact information of Regulatory Department
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- Website Address
- https://www.michigan.gov/difs