Actuarial Notes

Captive Insurance

By Anthony Cappelletti · Society of Actuaries · 2025

Study guide: Exam GI-201

A Society of Actuaries study note, revised May 2025, on captive insurance. It begins from definitions of a captive insurer, including the International Association of Insurance Supervisors' and the NAIC's, and covers captive domiciles, alternative risk transfer, the reasons for captives, their regulatory environment, insurer-owned captives and risk retention groups.

On the syllabus

  • Exam GI-201 — outcome 2h (the whole study note, May 2025)

1 Background

2 Captive Domiciles

3 Alternative Risk Transfer and Types of Captives

4 Reasons for Captives

  • 4.1 Captive Pros
  • 4.2 Captive Cons

5 Regulatory Environment

6 Insurer-owned Captives

7 Risk Retention Groups

8 Endnotes

Sources