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The Georgia Captive Insurance Company Act (the “Act”), originally enacted in 1988, allows Captives to obtain a license and operate in the State of Georgia.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, 2016 and 2017, Commissioner Jim Beck supported and promoted legislation, which was ultimately passed by the Georgia General Assembly, that amended various key provisions of the Act, including those regarding minimum capital and surplus requirements, confidentiality, taxation, and incorporation. In April of 2016, Commissioner Jim Beck created a Captive Insurance Division at the Department that is solely dedicated to the licensure and regulation of captives.
With the passage of Georgia's Captive bills, the promulgation of Georgia Regulation 120-2-45, and the creation of a dedicated Captive Division at the Department, Georgia continues to ensure that its laws and regulations are consistent with best practices in the Captive industry and Commissioner Jim Beck continues to demonstrate his dedication to 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