Hawaii Captive Environment
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Hawaii laws allow for the writing of all lines of casualty insurance, liability, marine and transportation, marine protection and indemnity, wet marine and transportation, property, surety, title, credit life and credit disability, or other lines that may be allowed by the Insurance Commissioner. Coverages can be provided by the captive on a direct or reinsured basis, or combination thereof.
Classes of Captives
Hawaii captives are designated and licensed as one of the following classes:
Class 1: Limited to single parent (or pure) captives that only reinsures affiliated risk from an insurer approved by the Insurance CommissionerCapital and Surplus Provisions
Class 2: Limited to single parent (or pure) captives that insures risks of its owners and/or affiliates on a direct basis, and may also assume reinsurance like a Class 1 captive.
Class 3: Limited to association captive insurance companies or risk retention captive insurance companies.
Class 4: Limited to leased capital facilities where the limited membership insurance company insures the risks of its members, but whose owner or owners may, subject to the approval of the Insurance Commissioner, be persons or entities other than its members.
Class 5: A captive which is not a class1, class2, class3 or class 4 company and acts only as a reinsurer or excess insurer or both. And insures only those risks and lines of insurance approved by the Commissioner.
Minimum required capital and surplus determined by Insurance Commissioner based on each captive program.
Minimum statutory requirements:
Class 1: $ 100,000
Class 2: $ 250,000
Class 3: $ 500,000 (RRG & Association)
Class 4: $1,000,000
Class 5: As determined by Insurance Commissioner
Captive License Activity
164 active at 4/1/08
214 licensed since inception.
| Recap By Year | 87-90 | 91 | 95 | 99 | 00 | 01 | 02 | 03 | 04 | 05 | 06 | 07 | 08 |
| Beginning Balance | 0 | 15 | 41 | 54 | 59 | 74 | 86 | 101 | 122 | 147 | 158 | 160 | 163 |
| Additions | 15 | 7 | 5 | 11 | 17 | 15 | 16 | 23 | 30 | 18 | 8 | 10 | 3 |
| Deletions | 0 | 0 | (1) | (6) | (2) | (3) | (1) | (2) | (5) | (7) | (6) | (7) | (2) |
| Ending Balance | 15 | 22 | 45 | 59 | 74 | 86 | 101 | 122 | 147 | 158 | 160 | 163 | 164 |
Captive Owners by Location
| U.S. | Western | 123 |
| Eastern | 21 | |
| Central | 10 | |
| Total U.S. | 154 |
|
| Non-U.S | Asia / Pacific | 10 |
| Total at 4/15/2008 | 164 |
Captive Owners by Industry Groups
| Construction / Real Estate | 49 |
| Health Care | 30 |
| Telecommunications & Manufacturing | 28 |
| Retail & Other Services | 22 |
| Financial Services | 20 |
| Transportation / Energy | 15 |
| Total at 4/15/2008 | 164 |
Page last modified
05-02-2008 07:45 AM