Annual Filing Requirements
The date that a Captive is licensed is the date filing responsibilities commence. If a Captive is licensed in the year 2013 the captive must meet the filing requirements for 2013.
Domestic Captive Insurance Companies (other than RRGs and Association Captives)
ANNUAL FRANCHISE TAX (for Delaware Corporations)
For companies incorporated in Delaware, the Division of Corporations Annual Franchise report and taxes are due on March 1st of the following year. A captive that is a Delaware corporation does not pay franchise taxes, but THE CAPTIVE MUST FILE THE CORPORATE ANNUAL REPORT AND PAY A $50.00 FILING FEE on or before March 1st each year. Penalties start immediately after the due date. The forms are at http://www.corp.delaware.gov/paytaxes.shtml.
Limited Liability Companies, Trusts and other formations do not require the filing of annual reports with the Division of Corporations.
Premium taxes are due for the year that the captive is licensed on the following March 1st. Even a Captive that is licensed on December 31, 2012, for example, is required to meet all of the filing requirements listed on the link below on or before March 1, 2013. That includes an Annual Report, the minimum Premium Tax for the entity, and the $300.00 annual renewal fee. The Audited Financials and the Actuarial Opinion in the above example are due on June 30, 2013.
The following Captive Annual Premium Tax forms are available on the Delaware Insurance Department's Premium Tax and Fees page:
- Domestic Captive Insurance Companies
- Special Purpose Series Captives
- Risk Retention Groups and Association Captives
The Annual Report is an Excel workbook for every Captive company (except RRG and SPFC companies filing NAIC Reports) and must be completed and delivered to the Delaware Captive Insurance Bureau by March 1st annually.
RRGs & SPFCs file annual and quarterly reports with NAIC and us by May 15, August 15 and November 15 annually.