The Kentucky Department of Insurance saw 13 captives dissolve and 18 redomesticate out of the state in 2015, according to captive coordinator Russell Coy.
The dissolutions and redomestications were down to a variety of factors, including changes in the marketplace, a re-shuffling in response to the many newer domicile choices, and regulatory actions and decisions made over the last few years.
A number of the redomestication decisions were based on moving the captive to a newer domicile, where the owner was based or had a significant operational presence, said Coy.
Coy, who has served in his role since 2007, noted that a significant number of redomestications last year were also down to states actively licensing cells and series business units.
He explained: "Kentucky’s conservative approach to captives is reflected in our conscious decision not to pursue cell companies or series limited liability companies, until the legal consequences of those structures are more clearly developed."
Kentucky licensed one new captive during 2015. It currently has 92 captives licensed and actively writing, including 81 pure captives, eight group captives and three risk retention groups.
Coy added that Kentucky has experienced 15 years as a successful captive domicile and has licensed more than 140 captives over that period.
He added that Kentucky boasts a robust captive association and is looking forward to another successful 15 years as a captive domicile.
