1. Email Captive Program Manager Maria Sheffield or call her at 573-522-9932 to discuss your proposed captive and to obtain additional information from the Department of Insurance, Financial Institutions and Professional Registration (DIFP).

  2. Prepare documents required for organization or incorporation in Missouri. Advice of a local attorney may be necessary. 

  3. Prepare documents necessary to complete the captive application.

  4. Submit two copies of the information required under steps 2 and 3 to the Missouri DIFP: Attention Captive Program Manager. Include the $7,500 licensing fee. (This is fully deductible from future premium taxes). 

  5. Petition the director to issue a Certificate of General Good. The factors that will be reviewed prior to issuing the certificate are detailed under section 379.1310.4.
      
  6. Present the Certificate of General Good and organizational documents noted in step 2 to the Missouri Secretary of State’s Office along with the fee required to incorporate or organize the captive.

  7. Place minimum capital in the captive and provide evidence of deposit to the DIFP.

  8. Receive notification from the contracted actuarial review firm as to the cost and timing of the issuance of its actuarial feasibility opinion. The maximum review fee is $4,000.

  9. Upon issuance of the actuarial feasibility opinion, the applicant will be invoiced the quoted cost and must pay the fee directly to the contracted actuarial firm.

  10. DIFP will notify the applicant when the license has been issued, usually in about 30 days from completed application receipt.

Steps to forming a special purpose life reinsurance captive

  1. Email Captive Program Manager Maria Sheffield or call her at 573-522-9932 to discuss your proposed special purpose life reinsurance captive and to obtain additional information from DIFP.

  2. Prepare documents required for organization or incorporation in Missouri. Advice of a local attorney may be necessary. 

  3. Prepare documents necessary to complete the captive application.

  4. Submit two copies of the information required under steps 2 and 3 to the Missouri DIFP: Attention Captive Program Manager. Include the $10,000 application fee. (This is fully deductible from future premium taxes). 

  5. Receive notification from the contracted actuarial review firm as to the cost and timing of the issuance of its actuarial feasibility opinion. The maximum review fee is $8,000.

  6. Upon department direction, submit $7,500 licensing fee for license issuance. (This is fully deductible from future premium taxes due). Mandated decision time is 60 days from completed application receipt.

Other requirements

  • If your captive will be using a management firm, that firm must be approved by DIFP. The firm can contact the Captive Program Manager for details.

  • Your CPA firm must be approved prior to conducting your audit.

  • The actuary you decide to use to render an opinion on reserves must be approved prior to issuing the opinion on reserves. 

  • For redomestication information, please contact the Captive Program Manager.

Links to all forms can be found at  insurance.mo.gov/captive.