| Fact Sheet |
| Acceptable Forms of Ownership |
Agency, Association, Branch, Pure and Rental. Any Captive May Form Segregated Accounts. |
| Acceptable Entities |
Stock, Mutual, Reciprocal or Limited Liability Company |
| Minimum Capital |
$100,000 for all Captives |
| Minimum Surplus |
Pure - $150,000
Association (Stock) - $300,00
Association (Mutual or Reciprocal) - $500,000
Agency - $300,000
Rental - $300,000 |
| Direct Insurance Permitted |
Excess workers’ Compensation Insurance to its Parent and Affiliates. Personal Lines Not Permitted. |
| Reinsurance Permitted |
May Provide on Risks Ceded by Another Insurer. May Take Credit on Risks Ceded to an Acceptable Reinsurer. Insurance Provided on any Qualified Plan for Workers’ Compensation of its Parent or Affiliates in which Insurance is Provided as a Self-insurance Plan Deemed to be Reinsurance. |
| Rates and Forms |
Filed but no Approval Required. |
| Minimum Premium |
No minimum Premium Required. |
| Premium Taxes |
First $25M
$25M - $50M
Over $50M |
Direct
0.250%
0.150%
0.050% |
Reinsurance
0.225%
0.150%
0.25% |
Minimum tax for RRGs $10,000, Others $7,500
Maximum tax = $100,000 for All Companies |
| Investment Restrictions |
Companies Required to File Proposed Investment Plan with Application for Approval by Commissioner. |
| Reporting Requirements |
Annual Unaudited Financials on GAAP Basis on DC Form for non-RRGs. Annual and Quarterly Unaudited Financials on NAIC Yellow Blank on GAAP Basis for RRGs. Annual Audited Financials and Certification of Loss Reserves for all Companies. |
| Fees and Time Required to Process Application |
Application Review Fee $500 (non-refundable); $300 for Issuance of Certificate of Authority. Annual Renewal fee of $300. Completed Applications Generally Processed in 30 Days. |
| Other Requirements |
Company Must Retain Qualified Manager, Attorney, Accountant and Actuary. Must Hold Annual Meeting of Board of Directors in DC. |
