Michigan
- Total number of captives
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- Total number of active captives, as of the prior year
- 22
- Types of captives allowed
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- Single parent captives
- Association captives
- Group captives
- Protected cell/segregated portfolio companies
- Risk retention groups
- Special purpose captives
- Special purpose financial captives
- Microcaptives set up using 831(b) regulations*
- Number of full-time employees in captive regulatory department
- 3
- Annual fees
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- Premium tax rate
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- Minimum capital (broken out by type of captive)
-
Pure captive, $150,000; association captive (stock), $400,000; association captive (mutual), $750,000; industrial insured, $300,000; sponsored captive, $500,000, if some restrictions are met, it may be reduced to $150,000; special purpose financial captives, $250,000; nonprofit pure captive, $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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- Time given for application process
- 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