Captive Insurance Important Deadlines
If you are like the numerous other companies who set up a new captive in 2011 in the State of Delaware, you are likely not aware of all of the filing requirements for your captive insurance company.
The first deadline you need to be concerned with is the Delaware Annual Statement, which is a form required by all State Insurance Departments as regulated by the NAIC (National Association of Insurance Commissioners). This form is the equivalent of an insurance company financial statement with disclosures. It is due March 1, 2012 for all calendar year entities.
Premium taxes and license fees are also due on March 1, 2012. There is only one form that needs to be completed to report and pay both of these fees (Premium Tax and Fees Report).
The Department of Insurance also requires each captive to obtain an outside audit opinion on the financial statements and an outside actuarial opinion on the reserves. Both of these reports are due on or before June 30, 2012 for a calendar year entity.
For more information including access to the forms, you can visit the State of Delaware’s Captive Insurance home page (http://captive.delawareinsurance.gov.)
If you have any questions or would like more information, please contact:
Joanne oversees the captive insurance services group at Cover & Rossiter. Cover & Rossiter is a CPA firm providing audit and tax services to captive insurance companies operating in Delaware, Kentucky, Utah and the District of Columbia.