Delaware is set to extend the deadline for a captive’s annual report and annual premium tax payments from 1 March to 15 April each year.
According to the Delaware Department of Insurance, the state’s commissioner Trinidad Navarro “strongly supports” Delaware’s captive programme and is introducing legislation to make it “a better programme”.
The underlying legislation, Delaware House Bill 289, has been put together by the state’s department of insurance and the Delaware Captive Insurance Association (DCIA).
The department of insurance explained that the “bulletin has been very well received by the captive industry”.
The drafting of the bulletin was the idea of deputy commissioner Mitch Crane, who will soon step down from his role at the department of insurance.
The department of insurance said that Crane has been in “instrumental in the discussions with the DCIA on all captive matters and commissioner Navarro really appreciates Mitch Crane’s support on this specific matter”.