Captive Insurance Companies
A Captive is an insurance company created to insure the risks of its members. Companies, both large and small, have found that forming a Captive allows them to better manage the cost and administration of their insurance coverage needs.
The Georgia Captive Insurance Company Act (the “Act”), originally enacted in 1988, allows Captives to obtain a license and operate in the State of Georgia. In 2015, the Georgia General Assembly passed House Bill 552, which amended various key provisions of the Act, including those regarding minimum capital and surplus requirements, confidentiality, and taxation. In 2016, the Georgia General Assembly passed Senate Bill 347, which allows for the licensure of Agency Captives, simplifies Captive incorporation procedures, allows Pure Captives to write accident and sickness insurance, and removes the requirement that a Captive Manager maintain its principal place of business in Georgia. With the passage of these bills, and the promulgation of Georgia Regulation 120-2-45, Georgia continues to ensure that its laws and regulations are consistent with best practices in the Captive industry.
Additionally, Commissioner Hudgens has recently created a Captive Insurance Division at the Department that is solely dedicated to the licensure and regulation of captives as he is dedicated to continually improving Georgia as a Captive domicile.
So, if you’re contemplating forming a new Captive, or you’re just interested in finding a new domicile for your existing Captive, we at the Georgia Insurance Department would be happy to discuss the many benefits of making Georgia your new home. WELCOME TO GEORGIA!
How to Form a New Captive in the State of Georgia
How to Redomesticate an Existing Captive to the State of Georgia
How to Become an Approved Captive Manager in the State of Georgia
List of Approved Captive Managers
PLEASE PARDON OUR PROGRESS
We are currently in the process of making updates to the website in light of the passage of SB 347 and the recent formation of the Captive Insurance Division. If you have any questions, please feel free to contact a member of the captive team.