Annual Reporting for Captive Insurance Companies
Chapter 46 Captives
Captive insurance companies licensed under Chapter 46 shall use the DIFS prescribed Annual Report linked below. The Annual Report includes instructions for completing the Annual Report and the management discussion and analysis. The Annual Report and actuarial opinion shall be submitted by March 1. The management discussion and analysis is due by April 1 and shall follow the instructions provided with the Annual Report. The actuarial opinion shall follow the format prescribed by the NAIC. Only the Statement of Actuarial Opinion (SAO) is required to be filed whereas the Actuarial Opinion Summary (AOS) is optional. Per R 500.106, no later than five months after the fiscal year end of the captive insurance company, the captive insurance company shall file with the director audited financial statements of the captive insurance company prepared by an independent certified public accountant. Per Section 500.4609 of the Michigan Insurance Code, all information contained in the Captive Annual Report and all supplemental documents are confidential and are not subject to FOIA.
Chapter 47 Captives
Captive insurance companies licensed as a Special Purpose Financial Captive (SPFC) under Chapter 47 shall use the NAIC Life and Accident and Health Annual Statement (blue blank) or NAIC Property and Casualty Annual Statement (yellow blank), depending on the business written by the counterparty. In addition to the annual statement, the NAIC risk based capital report and actuarial opinion are due by March 1. The management discussion and analysis is due April 1 and the independent audited financial statements are due by June 1. The management discussion and analysis and actuarial opinion shall follow the format prescribed by the NAIC. Per Section 500.4734 of the Michigan Insurance Code, all information contained in the SPFC annual filing and all supplemental documents are confidential and are not subject to FOIA.
The captive annual report may be saved on your computer and may be completed using Excel or a compatible program. FIS 2219 contains annual filing requirements, including dates and instructions.