Priority Sectors: Financial Services
[ Companies | Limited Partnership | Trust | Foundations | Captive Insurance Companies ]
Captive Insurance
A Captive is an insurance company that is totally owned by another organization and insures only, or mostly, the parent company’s risk. The Captive Insurance Companies Act of St. Kitts is designed to appeal primarily to small captive insurance companies that have premiums of less than US$1.5 million.
Benefits of St. Kitts Captives
- Very competitive application and registration fees.
- More streamlined application procedures.
- Very reasonable capital and surplus requirements for captives with the smallest premiums.
- Regulatory requirements that is clear and uncomplicated.
- Asset protection provisions that protect the asset and paid in premiums of captive insurance companies from creditors.
Types of Captives permitted under St. Kitts Captive Insurance Company Act include:
Pure Captives – min capital requirement of at least EC$607,000.00
Associated Captives – min capital requirement of at least EC$810,000.00
Group Captives – min capital requirement of at least EC$1,080.000.00
Small Pure Captives – min capital requirement of at least EC$54,000.00
Small Associated Captives – min capital requirement of at least EC$67,000.00
Small Group Captives – min capital requirement of at least EC$81,000.00
Application fees for licensing Captive Insurance Companies:
Non-refundable application fee
Pure Captive – EC$1,620.00 or US$600.00
Small Captives – EC$540.00 or US$200.00
License Registration Fee
Pure Captives – EC$8,100.00 or US$3,000.00
Small Captives – EC$2,160.00 or US$800.00
For more information on Financial Services please visit www.skbfinancialservices.com