The Delaware Tribe of Indians has partnered with Delaware Tribal Financial Services to create a new captive domicile programme.
The Delaware Tribe of Indians domicile—which is essentially an offshore jurisdiction located onshore—enables captive managers to help their clients form corporations in a domestic, low regulation environment with low operating expenses.
Through the use of technology and direct access to regulators and providers, the Delaware Tribe of Indians claims to have built an efficient and highly successful risk-based regulatory environment to promote the needs of its clients with the ease of conducting business swiftly.
A statement said: "Traditionally, the reinsurance industry has been known for 'offshore' Controlled Foreign Corporations (CFCs), which are domiciled in a foreign country but elect to be controlled and operated in the US. The Delaware Tribe of Indians domicile now enables captive insurance managers to help their clients to form corporations in a domestic, low-regulation environment, with favourable capitalisation requirements and low operating expenses. Usual 'offshore' hurdles such as difficulties setting up bank accounts can now be avoided."
Chief Paula Pechonick of the Delaware Tribe of Indians said: “Our programme is much more than an improved process. It is more efficient, digital and is poised to dramatically change how the reinsurance industry currently conducts business.”
