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Captive
Insurance Program

Taxes & Fees


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APPLICATION

Captive Application Fee $300/Processing Fee $3,200

Series Application Fee $300/Processing Fee $3,200

Annual

CERTIFICATE OF AUTHORITY RENEWAL FEE is due on April 15th annually.

The $400 Renewal Fee for all captive companies is payable to the Delaware Department of Insurance on the Premium Tax and Fees Report.

PREMIUM TAX is due by April 15th annually is also on the Premium Tax and Fees Report.

  • Direct Premium Tax Rate is 2/10 of 1% per § 6914 (Total Gross Direct Premium x .002)*
  • Reinsurance Premium Tax Rate is 1/10 of 1% per § 6914 (Total Reinsurance Premium x .001)*
  • The Maximum Direct Premium Tax annually due is $200,000
  • The Maximum Assumed Reinsurance Premium annually due is $110,000
  • A captive employing at least 25 full time employees in Delaware will have its premium tax capped at $50,000
*The MINIMUM aggregate tax to be paid by a captive ANNUALLY is $5,000.00*
 

DIVISION OF CORPORATIONS ANNUAL REPORT

All Delaware CORPORATIONS must file the Annual Franchise Report by March 1st annually. For these captive companies there is no franchise tax due, but there is a $50.00 filing fee for the required Annual Franchise Report. This short report is found online at Franchise Report and payment is also made through this website. Please note, filing penalties are applied by the State immediately after the due date.

Every captive company that is a DELAWARE corporation licensed in a given year (even when licensed on December 31st of that year) is required to file the Division of Corporations Annual Franchise Report on the following March 1st.

Limited Liability Companies, Limited Partnerships and other entities do not file with the Division of Corporations annually.

EXAMINATIONS

Examinations of the captive’s affairs to ascertain its financial condition, its ability to fulfill its obligations and its compliance with the Delaware Code occur once every 3 – 5 years as determined by the Commissioner. The expenses and charges of the examination shall be paid by the company or companies examined.




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