Domicile Guide
OpenInsure codifies the regulatory requirements for the leading US captive insurance domiciles. The compliance engine uses this configuration to generate automatic filing deadline reminders and validate that your captive meets minimum capital requirements.
This guide reflects requirements as of early 2025. Captive insurance regulations change frequently. Always confirm current requirements with your captive manager and the relevant domicile regulator.
Supported Domiciles at a Glance
| State | Min. Capital (Pure Captive) | Formation Fee | Annual Fee | Key Regulator |
|---|---|---|---|---|
| Vermont (VT) | $250,000 | $3,000 | $5,500 | Vermont DFR |
| Delaware (DE) | $250,000 | $5,000 | $5,000 | Delaware DOI |
| Hawaii (HI) | $250,000 | $3,000 | $3,000 | Hawaii DOI (DCCA) |
| North Carolina (NC) | $250,000 | $2,500 | $5,000 | NCDOI |
| District of Columbia (DC) | $250,000 | $3,500 | $4,500 | DC DOI |
| Montana (MT) | $250,000 | $2,000 | $2,500 | Montana DOI |
Vermont (VT)
Vermont is the largest and most established US captive domicile, with over 600 active captives.
Regulatory Contact: Vermont Department of Financial Regulation Website: dfr.vermont.gov
Formation Requirements
- Minimum capital: $250,000 (pure captive); $500,000 (association captive)
- Letter of credit accepted in lieu of paid-in capital (subject to DFR approval)
- Must appoint a Vermont-licensed captive manager
- Business plan required at formation (5-year projection)
- Actuarial feasibility study required for association captives
Annual Filing Deadlines
| Filing | Due Date | Notes |
|---|---|---|
| Annual Report | March 1 | Financial statements + management discussion |
| Actuarial Opinion | March 1 | Signed by qualified actuary |
| Audited Financials | June 1 | By licensed CPA |
| Premium Tax Return | March 1 | 0.38% of first $20M GWP; 0.285% above |
| Business Plan Update | Upon material change | Required within 30 days |
Annual Premium Tax
Vermont uses a tiered premium tax:
| GWP Band | Rate |
|---|---|
| First $20,000,000 | 0.38% |
| $20,000,001 – $40,000,000 | 0.285% |
| Over $40,000,000 | 0.19% |
| Minimum tax | $7,500 |
Delaware (DE)
Delaware is favored for its flexible corporate law and well-established Series LLC structure.
Regulatory Contact: Delaware Department of Insurance Website: insurance.delaware.gov
Formation Requirements
- Minimum capital: $250,000 (pure captive)
- Series LLC structure available for PCCs
- Must appoint a Delaware resident registered agent
- No resident captive manager requirement (unlike Vermont)
Annual Filing Deadlines
| Filing | Due Date | Notes |
|---|---|---|
| Annual Report | March 2 | Financial statements |
| Actuarial Certification | March 2 | |
| Premium Tax Return | March 2 | |
| Audited Financials | June 1 |
Annual Premium Tax
| GWP Band | Rate |
|---|---|
| First $20,000,000 | 0.30% |
| $20,000,001 – $40,000,000 | 0.20% |
| Over $40,000,000 | 0.10% |
| Minimum tax | $5,000 |
Hawaii (HI)
Hawaii is the primary domicile for Pacific Rim–based captives and healthcare captives.
Regulatory Contact: Hawaii Division of Financial Institutions (DCCA) Website: cca.hawaii.gov
Formation Requirements
- Minimum capital: $250,000 (pure captive); $500,000 (association)
- Well-suited for health and workers' compensation lines
- FHIR-integrated health captives benefit from OpenInsure's
@openinsure/fhirpackage
Annual Filing Deadlines
| Filing | Due Date | Notes |
|---|---|---|
| Annual Report | March 31 | |
| Actuarial Opinion | March 31 | |
| Premium Tax Return | April 1 | |
| Audited Financials | June 30 |
North Carolina (NC)
North Carolina has grown rapidly since updating its captive laws in 2013.
Regulatory Contact: NC Department of Insurance Website: ncdoi.com
Formation Requirements
- Minimum capital: $250,000 (pure captive)
- No requirement for a North Carolina captive manager
- Flexible redomestication process for captives moving from other states
Annual Filing Deadlines
| Filing | Due Date | Notes |
|---|---|---|
| Annual Statement | March 1 | NAIC-formatted preferred |
| Actuarial Certification | March 1 | |
| Premium Tax Return | March 1 | |
| Audited Financials | June 1 |
District of Columbia (DC)
DC is a newer domicile but growing, particularly for risk pools and association captives.
Regulatory Contact: DC Department of Insurance, Securities and Banking Website: disb.dc.gov
Formation Requirements
- Minimum capital: $250,000 (pure captive); $500,000 (association)
- Must maintain a DC registered agent
- Suitable for federal government contractors
Annual Filing Deadlines
| Filing | Due Date | Notes |
|---|---|---|
| Annual Report | April 1 | |
| Actuarial Opinion | April 1 | |
| Audited Financials | June 1 | |
| Premium Tax Return | April 1 |
Montana (MT)
Montana offers the lowest formation and annual fees, making it attractive for small captives.
Regulatory Contact: Montana Insurance Division Website: csi.mt.gov
Formation Requirements
- Minimum capital: $250,000 (pure captive)
- Lowest ongoing costs of any supported domicile
- Informal, accessible regulator — good for first-time captive owners
Annual Filing Deadlines
| Filing | Due Date | Notes |
|---|---|---|
| Annual Statement | March 1 | |
| Actuarial Opinion | March 1 | |
| Premium Tax Return | March 1 | 0.00% for first $0.5M; 0.20% above |
| Audited Financials | June 1 |
Compliance Automation in OpenInsure
The @openinsure/compliance package manages domicile-specific deadlines automatically:
How It Works
- On captive creation, the domicile is set in the organization config.
- The compliance engine loads the filing calendar for that domicile.
- Filing deadlines are stored in the
compliance_calendartable with reminder schedules. - Automated reminders are sent to the configured compliance officer at 30, 14, and 7 days before each deadline.
- Once a filing is completed, it is marked
filedin the compliance dashboard with the filing date, filer, and confirmation number.
Compliance Dashboard API
GET /v1/compliance/:orgId/calendar?year=2025
# Returns:
{
"domicile": "VT",
"filings": [
{
"type": "ANNUAL_REPORT",
"dueDate": "2025-03-01",
"status": "filed",
"filedDate": "2025-02-14",
"filedBy": "admin@acmecaptive.com"
},
{
"type": "AUDITED_FINANCIALS",
"dueDate": "2025-06-01",
"status": "pending",
"daysUntilDue": 42,
"reminderSent": true
}
]
}
Failure to file on time can result in regulatory fines, license suspension, or administrative dissolution of the captive. The compliance engine provides reminders but does not substitute for active oversight by a licensed captive manager.