CICA > Domiciles > Michigan

Michigan

 
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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
  • 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
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