Need help managing the audit needs of your Hawaii Captive?
JLK Rosenberger serves captive insurance throughout the state of Hawaii assisting with their audit, tax and risk management needs. The reporting and other requirements imposed on companies by the Hawaii Department of Insurance and other regulators are complex and regularly changing. Careful consideration should be exercised when determining how to handle and report various items such as leases, credit losses, and loss reserve discounting.
We have significant experience serving the various types of captive insurance companies established in Hawaii including single owner-reinsurance only, single owner – direct and reinsurance, multi-owner, sponsored captives, and reinsurance or excess insurance. The Hawaii Revised Statuses, Title 24, Chapter 431, Article 19 clearly spells out the complex rules and regulations these captive insurance companies must follow in order to maintain compliance with state regulators. The experienced team at JLK Rosenberger provides the guidance and direction needed to keep efforts on track and in good standing.
Hawaii Captive Insurance Companies
Hawaii is home to a diverse number of captive insurance companies.
Source: Hawaii Department of Insurance
Domicile of the Year
Did you know that Hawaii was honored as 2018, “Domicile of the Year” by Captive Review Magazine? They outshined other popular venues such as Bermuda and the Cayman Island. According to the article, “The State of Hawaii has the distinction of being both one of the oldest and largest captive domiciles in the U.S. It is the 4th oldest domicile in the U.S., 5th largest in terms of a number of captives, and 8th largest in the world according to the Insurance Information Institute.”
Our Captive Audit Services
We provide a variety of financial reporting, tax and consulting services to captive insurance companies domiciled in Hawaii, including:
- Audits of GAAP and SSAP basis financial statements
- Tax compliance and planning
- GAAP and SSAP basis tax provisions and disclosures
- Startup and organizational consulting
- Business plans and projected financial statements
Hawaii Captive Benefits
Strong Economic Value
• No minimum premium tax, advantageous for small premium writers.
• A capped maximum premium tax of $200,000, advantageous for large premium writers.
• No double taxation on premiums written subjected to tax in another jurisdiction.
• No tax on assumed reinsurance premiums.
• Exams conducted by in-house staff examiners at affordable chargeable rates.
• Low annual licensing fee.
Who is JLK Rosenberger?
JLK Rosenberger is a CPA firm that serves captive insurance companies. While many of our clients are domiciled in other states, our services can be delivered remotely for client convenience. Our firm has significant experience serving the insurance industry, including:
- Ranking as the 10th largest auditor of insurers in the U.S.
- Retaining an average A.M. best rating of A-
- Ranking as the largest specialty insurance firm in the West
- Has offices located in Los Angeles and Orange Count, California and Dallas, Texas.
Contact Our Captive Insurance Audit Team
JLK Rosenberger can provide insurance accounting and audit services to captive insurance companies in Honolulu, Hawaii (HI) and across the U.S. Please complete the form below and a member of our insurance team will respond promptly to assist.