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Captive Redomestication
 
The Ohio Department of Insurance suggests the following best practices for companies seeking to redomesticate a captive insurance company to Ohio:
 
1. Call or email the Department's Office of Captive Insurance to arrange a meeting to discuss your captive's operations in order to determine whether it would be a good fit for Ohio, as well as to clearly define expectations.
 
2. Applicants should bring an outline of their current business plan and the latest audited financial statements and actuarial analysis for review to determine if adjustments are needed to the program or the capital structure. Any information provided is considered confidential by statute.
 
3. Obtain the assistance of counsel (recommended) to assist in the drafting of the required board and shareholder resolutions, as well as to assist in the process of filing your captive's documents with the Ohio Secretary of State’s office. Also, although it is possible to retain the same captive manager, note that Ohio has a residency requirement for captive managers.
 
4. After meeting with the Department, provide the Office of Captive Insurance with the following materials:
  • A letter of intent and explanation of the plan to re-domicile signed by the captive’s president, including the reason for redomestication.
  • Board and shareholder resolutions approving the redomestication.
  • An application for admission into Ohio.
  • Documentation of the current domicile’s approval of or “no objection” to the redomestication.
  • A written statement of whether application for licensure, registration or redomestication have ever been denied or withdrawn from any jurisdiction.
 You may refer to Ohio Revised Code section 3964.20 and 3913.40.
 
 

The State of Ohio is an Equal Opportunity Employer

Ohio Department of Insurance
50 W. Town Street, Third Floor - Suite 300
Columbus, Ohio  43215
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John Kasich, Governor | Jillian Froment, Director
General Info: 614-644-2658 | Consumer Hotline: 800-686-1526
Fraud Hotline: 800-686-1527 | OSHIIP Hotline: 800-686-1578