Required Reports for Captive Insurance Programs
Did you set up a new captive in 2009? Are you feeling a bit overwhelmed with all the different reports that need to be filed with the State?
The 2 most important reports that need to be filed with the State of Delaware are the Annual Statement and the Premium Tax return, both of which are due by March 1 (assuming a calendar year entity).
The State of Delaware also requires an independent audit of the financial results and an actuarial opinion on the reserves listed in the annual report. Both of these reports are due by June 30 (assuming a calendar year entity).
A captive is also required to pay an annual certificate of authority fee for $300. This is noted on the premium tax return, which as noted above, is due by March 1.
In Delaware, there is no income or franchise tax for captive insurance companies, so these should be the only taxes and fees paid for the captive (within Delaware), unless there are employees in the State.
You can find additional information regarding Delaware’s Captive Insurance Program as well as the specific forms necessary for filing at https://captive.delawareinsurance.gov/Captive/Program.aspx.
If you have any questions or would like more information, please contact: