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Captive
Insurance Program

Dissolution


Documents required for Captive Dissolution:


The captive company must notify the Captive Bureau in writing of its intent to dissolve, including the reason for dissolution, and provide:

  • Consent of Board of Directors or Managing Members authorizing the dissolution
  • Current year Annual Report
  • Proof of Premium Tax payments for prior year as well as the current year when dissolution request is being filed
  • Provide Department with Division of Corporation Certificate of Dissolution*
  • Provide the department with an affidavit from the owner that includes the following statements that:
    • all liabilities have been settled: insurance and/or reinsurance policies have been terminated, no claims are outstanding as well as that Captive has no further obligations under any policies, including without limitation the reinsurance pool arrangements in which it previously participated and
    • all liabilities have been settled with the Department

The dissolution can waive the following regulatory compliance items:

  • Actuarial Opinion
  • Audited Financial Statements
  • Financial Examination
* The contact number for the Delaware Division of Corporations is (302) 739-3077.  
 

Documents required for Series Dissolution:


The Series Captive Insurance Company must notify the Captive Bureau in writing of its intent to dissolve, including the reason for dissolution, and provide:

  • Consent of Board of Directors or LLC Managing Members authorizing the dissolution
  • Current year Annual Report
  • Proof of Premium Tax payments for prior year as well as the current year when dissolution request is being filed
  • Provide the department with an affidavit from the owner that includes the following statements that:
    • all liabilities have been settled: insurance and/or reinsurance policies have been terminated, no claims are outstanding as well as that Captive has no further obligations under any policies, including without limitation the reinsurance pool arrangements in which it previously participated and
    • all liabilities have been settled with the Department

The dissolution can waive the following regulatory compliance items:

  • Actuarial Opinion
  • Audited Financial Statements
  • Financial Examination

Please check the requirements for dissolution as written in the LLC and Series Agreements.


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