Where to start, if you want to build your own insurance company


(FSB Magazine) -- Twenty-seven states, plus the District of Columbia, have passed laws to permit "captive" insurance companies, which are owned by a single company or a group of companies. There are active markets for captive insurance in 18 U.S. jurisdictions so far, according to the Captive Insurance Company Association (cicaworld.com). If you're interested in forming a captive group or joining one, start by contacting your industry trade association and local business groups. To find a full list of existing captives and the names of companies that will help you self-insure, this list of state agencies and captive-insurance associations can help you find resources in your state.

States with Active Captive Insurance Markets

Arizona:

Arizona Captive Insurance Association

azcia.org

Department of Insurance

Website: www.id.state.az.us/captives.html

Arkansas:

Arkansas Insurance Department

Website: insurance.arkansas.gov/finance/captivepage.htm

Colorado:

Department of Regulatory Agencies

Website: www.dora.state.co.us/insurance/

Delaware:

Delaware Captive Insurance Association

Website: delawarecaptive.org

Insurance Commissioner & Department of Insurance

Website: delawareinsurance.gov/captive/default.shtml

District of Columbia:

Department of Insurance, Securities and Banking

Main Website: disb.dc.gov/disr/cwp/view,a,1300,q,634168,disrNav,%7C32821%7C.asp

Georgia:

Government: Office of Insurance and Safety Fire Commissioner

Website: gainsurance.org

Hawaii:

Hawaii Captive Insurance Council

Website: hawaiicaptives.com

Department of Commerce & Consumer Affairs

Website: hawaii.gov/dcca/areas/ins/other_ins/captive_insurance/

Illinois:

Illinois Captive & Alternative Risk Funding insurance Association

Website: captive.com/assoc/icarfia/indexICA.htm

Department of Financial and Professional Regulation

Website: www.idfpr.com/DOI/default2.asp

Kentucky:

Kentucky Captive Association

Website: kycaptive.com

Office of Insurance

Website: http://captive.insurance.ky.gov/

Montana:

State Auditor's Office

Website: sao.mt.gov/captives/index.asp

Nevada:

Nevada Captive Insurance Association

Website: nvcaptive.com

Division of Insurance

Website: doi.state.nv.us/CF-CaptiveInsurIndex.htm

New York:

New York Captive Insurance Solutions for the Global Business Community

Website: nycaptives.com

Insurance Department

Website: ins.state.ny.us/

Oklahoma:

Government: Insurance Department

Website: www.oid.state.ok.us/

South Carolina:

South Carolina Captive Insurance Association

Website: sccia.org

Department of Insurance

Website: www.doi.sc.gov/Eng/Public/Captives/Captives.aspx

South Dakota:

Government: Department of Revenue & Regulation

Website: www.state.sd.us/drr2/reg/insurance/companies/captive.html

Tennessee:

Government: Department of Commerce & Insurance

Website: state.tn.us/commerce/

Utah:

Utah Captive Association

Website: utahcaptive.com

Government: Utah Insurance Department

Website: captive.utah.gov/index.html

Vermont:

Captive Association: Vermont Captive

Website: vermontcaptive.com

Government: Department of Banking, Insurance, Securities, & Health Care Administration

Website: www.bishca.state.vt.us/CapInsDiv/index_captives.htm

States that allow captive insurance companies, but where none are currently operating

Alabama:

Department of Insurance

Website: aldoi.org/Companies/Captives.aspx

Connecticut:

Insurance Department

Website: www.ct.gov/cid/site/default.asp

Florida:

Office of Insurance Regulation

Website: www.floir.com

Kansas:

Department of Insurance

Website: ksinsurance.org

Maine:

Department of Professional and Financial Regulation

Website: maine.gov/pfr/insurance/index.shtml

Missouri:

Department of Insurance, Financial Institutions & Professional Registration

Website: insurance.mo.gov/

Ohio:

Department of Insurance

Website: ohioinsurance.gov/

Rhode Island:

Department of Business Regulation

Website: www.dbr.state.ri.us/divisions/insurance/index.php

Virginia:

Corporation Commission

Website: scc.virginia.gov/division/boi/

West Virginia:

Offices of the Insurance Commissioner

Website: wvinsurance.gov/

SOURCE: Captive Insurance Company Association (cicaworld.com) Top of page

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.