Michigan

 
Total number of active captives
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Total number of active captives, as of 12/31/2018
22
Types of captives allowed
  • 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 and also within department
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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