IC 27-1-2-2.3 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JANUARY 1, 2013 (RETROACTIVE)]: Sec. 2.3. (a) As used in this section, "captive insurer" means a foreign company or an alien company:
(1) that is supervised in the foreign or alien jurisdiction;
(2) that is owned by a person that conducts business in Indiana;
(3) whose exclusive purpose is to insure property and casualty risks of:
(b) As used in this section, "controlled unaffiliated business" means a business: (2) that is owned by a person that conducts business in Indiana;
(3) whose exclusive purpose is to insure property and casualty risks of:
(A) the parent entity described in subdivision (2);
(B) affiliates of the parent entity; or
(C) a controlled unaffiliated business; which may include reinsuring (through risk-sharing
arrangements) property and casualty risks insured by other foreign companies or alien companies described in subdivision 3 (1); and
(4) that (B) affiliates of the parent entity; or
(C) a controlled unaffiliated business; which may include reinsuring (through risk-sharing
arrangements) property and casualty risks insured by other foreign companies or alien companies described in subdivision 3 (1); and
(A) is owned or controlled by a state educational institution (as defined by IC 27-7-13-32); or
(B) has made an election under Section 831(b) of the Internal Revenue Code if that election is in effect.
(B) has made an election under Section 831(b) of the Internal Revenue Code if that election is in effect.
(1) that:
(A) is not an affiliate of; and
(B) has a contractual relationship with; a parent entity described in subsection (a)(2) or an affiliate of the parent entity; and
(2) the risks of which are managed by a captive insurer.(B) has a contractual relationship with; a parent entity described in subsection (a)(2) or an affiliate of the parent entity; and
(c) Except as provided in this section, this article does not apply to a captive insurer.
(d) A captive insurer that is doing business in Indiana:
(1) is not required to obtain a certificate of authority in Indiana under IC 27-1-6 for domestic formation or under IC 27-1-17 for foreign company admission;
(2) shall register with the commissioner; and
(3) shall, for each calendar year after 2012 in which the captive insurer is doing business in Indiana, pay into the treasury of this state a tax of two thousand five hundred dollars ($2,500).
(2) shall register with the commissioner; and
(3) shall, for each calendar year after 2012 in which the captive insurer is doing business in Indiana, pay into the treasury of this state a tax of two thousand five hundred dollars ($2,500).
(e) A captive insurer that is required to pay the tax imposed for a calendar year under subsection (d)(3) shall pay the tax as follows:
(1) For a tax imposed under subsection (d)(3) for calendar year 2013, the captive insurer shall pay the tax before July 1, 2014.
(2) For a tax imposed under subsection (d)(3) for a calendar year after 2013, the captive insurer shall pay the tax before April 15 of the following calendar year.
(2) For a tax imposed under subsection (d)(3) for a calendar year after 2013, the captive insurer shall pay the tax before April 15 of the following calendar year.
(f) The state and a political subdivision of the state shall not impose a license fee or privilege or other tax on a captive insurer, except the following:
(1) The tax described in subsection (d)(3).
(2) An applicable tax on real and tangible personal property of the captive insurer.
(2) An applicable tax on real and tangible personal property of the captive insurer.
- Electronic Form with payment of $2500 should be submitted via NAIC OPTins (an account must be established at least three (3) weeks prior to due date of April 15th)
- Current registration form is available within the NAIC OPTins system for downloading
Questions related to OPTins account will need to be directed to the appropriate contact at OPTins. Contact information can be found at NAIC OPTins .
Questions that are unrelated to the NAIC OPTins system and be directed to:
Debra Graves, Premium Tax Auditor
dgraves@idoi.in.gov or (317) 232-1993