On June 24, 2015, Governor Jack Markell signed House Bill 15 (“HB 15”), which added to and clarified Delaware’s captive insurance statute. HB 15 makes numerous amendments to the captive insurance statute, mostly with respect to the use of series.
Although HB 15 made quite a number of changes to the Captive Insurance Statute, the most important to Oxford clients are those changes affecting the use of series. Most of the statutory changes affecting series represent codification of existing practice, and therefore, amount to no practical change. However, fees have been increased and a minimum premium tax has been imposed. Generally speaking, series captive insurance companies continue to be an attractive structure for enterprise risk captive programs and an array of unique niche programs.