The Delaware House of Representative has passed captive bill amendments, HB 411 and HB 412, proposed by the Delaware Department of Insurance.
The first bill, HB 411, focuses on amendments to dormant captive insurance companies. The second, HB 412, proposes changes to series captive insurance companies and special purpose captive insurance companies.
Although the captive bills passed the house, they did not get to a vote in the senate before the session ended on 1 July.
Recently, the Bermuda government has proposed to introduce limited liability company (LLC) legislation based on Delaware’s statute.
As of the beginning of this year, Delaware has a total of 242 pure captive insurers, 740 series, 45 special purpose, five special purpose financial, one agency, two industrial insured, two association and three sponsored.
