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Article: Delaware aims to become a powerhouse captive domicile; Public-private effort produces revised attitudes and laws.(News)
- Article from:
- Business Insurance
- Article date:
- October 16, 2006
- Author:
CopyrightCOPYRIGHT 2006 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JERRY GEISEL
WILMINGTON, Del.-Delaware is taking steps that state officials and others say they believe will help it become a captive insurance company powerhouse.
The first step occurred last year when state legislators passed a measure-assembled through a major collaborative public-private sector effort-overhauling the state's more than 20-year-old captive law.
That measure, intended to make Delaware more competitive with other domiciles, significantly cut premium taxes, especially for new, smaller captives, set a ceiling on the maximum taxes paid by large captives and granted an additional tax break to captives with big staffs in the ...