What does Onshore Captive mean? Read on to discover the definition & meaning of the term Onshore Captive - to help you better understand the language used in insurance policies.
A special purpose insurance company domiciled in the country within which its insured risks are located. There are more than 30 onshore domiciles actively competing for U.S. source business for example, Vermont, South Carolina, Hawaii, and Washington DC. British Columbia is an example of an onshore domicile for Canadian source risks. European countries (with the exception of Dublin and Luxembourg) do not actively promote themselves as captive domiciles that is, have not passed special purpose legislation to facilitate the formation of captives.
We hope the you have a better understanding of the meaning of Onshore Captive.