How to Fill Out the Montana Captive Insurance Company Application + FAQs

The Captive Application for Certificate of Authority is the form a business files with the Montana Commissioner of Securities and Insurance (CSI) to get a license to run its own insurance company in Montana. Any person or group that wants to form a pure, association, industrial insured, risk retention group, reinsurance, protected cell, or special purpose captive must file this form before writing a single policy. The current version is the Captive Application Form dated 12-21-22, so check that date in the footer of your copy before you start.

Montana is the 5th largest captive domicile in the United States, with nearly 300 captives and about $5 million added to the state economy each year, per the CSI captive page. Get the form wrong and the CSI can hold your file for months, ask for a costly actuarial peer review, or deny the license outright. This guide walks you through every box, every attachment, and every fee so your first filing lands clean.

Here is what you will learn:

• 📋 What each of the 24 numbered fields asks and exactly how to fill it in
• 💰 The fees, capital minimums, and the new $5,000 minimum premium tax under SB 60
• 📎 Every attachment the CSI requires, from biographical affidavits to your plan of operation
• 🧑‍💼 Three full walkthroughs using real-style filers so you can copy the pattern
• ⚠️ The field-level mistakes that get applications kicked back and how to dodge them

What the Form Is and Who Must File It

The Captive Application for Certificate of Authority is the gateway document for forming an insurance company that mostly insures its own owners and affiliates. It is governed by Title 33, Chapter 28, MCA and the administrative rules in ARM Subchapter 6.6.68. The form goes to the CSI Captive Insurance Team, which reviews your numbers, your people, and your plan before it grants a license.

You must file this form if you want Montana to license any captive. That covers a manufacturer setting up a pure captive to insure its own warehouses, a trade group pooling risk in an association captive, or a company spinning up a protected cell inside a sponsored core. The statute at 33-28-104 sets the minimum money you must hold, and a captive cannot get a Certificate of Authority without it.

A plain-English read of the rule: the CSI wants proof you have enough cash to pay claims and honest, qualified people running the show. If you skip the form or file it half-done, you have no license, and writing insurance without one is illegal. For example, Cedar Ridge Manufacturing wants to insure its own equipment breakdown risk; until the CSI signs off, Cedar Ridge cannot collect a dollar of premium into its captive.

A common misconception is that a captive is the same as buying a regular insurance policy. It is not. A captive is the insurer, so you are not buying coverage, you are building a regulated company that must hold capital, file annual statements under 33-28-107, and pay premium tax every year.

Before You Start: Documents and Information You Need

Gather every item below before you open the form. Missing pieces are the top reason files stall, because the CSI will not start its review until the packet is complete.

• Federal Employer Identification Number (FEIN). The form asks for it in box 4, and the CSI uses it to track the entity; without it your file is incomplete.
• Capital and surplus proof. You need at least $250,000 for a pure captive or $500,000 for an industrial insured, association captive, or RRG, per 33-28-104; short money means no license.
• A feasibility study by an actuary. It must show expected and adverse scenarios with confidence levels; the CSI may order a peer review at your cost if it looks thin.
• Draft organizational documents. Articles of incorporation and bylaws for a corporation, or articles of organization and an operating agreement for an LLC; the CSI reviews these for control and governance.
• Biographical affidavits. One Biographical Affidavit for each director, officer, and controlling owner; missing affidavits stall the character review.
• CPA and actuary authorization forms. Your accountant and actuary each file an approval form unless already approved by Montana; an unapproved pro means a rejected audit plan.
• Service provider contracts. The signed contracts for your captive manager, claims handler, and MGA/MGU; the CSI checks who controls money and claims.
• A detailed Plan of Operation. This includes five-year premium and loss projections, an investment policy, reinsurance program, and specimen policy forms; a weak plan triggers questions and delay.
• The $200 application fee and $300 license fee. Both are due with the form, per the CSI captive page; the file is not processed without payment.

Where to Get the Form and How to Access It

Download the form straight from the source so you have the current 12-21-22 revision. The official PDF lives on the CSI site as the Captive Application Form, and the full forms list sits on the CSI captive page. The Montana Captive Insurance Association also links the same packet on its application forms page.

The form is a six-page Word-built PDF with 24 numbered items and a long attachment checklist in item 24. You fill it in on a computer or print and complete it by hand in black ink. Because it bundles several sub-forms, download the related items at the same time: the Biographical Affidavit, the Irrevocable Letter of Credit form, and the CPA and actuary authorization forms, all linked on the CSI page.

There is no online portal for the initial license application. You assemble the full packet and send it to the CSI Captive Insurance Team. You can reach the team at 800-332-6148 or 406-444-2040, or by email at captives@mt.gov, to confirm you have the latest version before you file. Note: premium tax later is filed online through OPTins, but the license application itself is a document package, not a web form.

Step-by-Step: How to Fill Out the Captive Application for Certificate of Authority Line by Line

Work through the form in order. Each numbered item below matches the box on the official form, and the attachment list in item 24 is where most of the real work hides.

Field 1: Name of Proposed Captive

This box asks for the exact legal name you want your captive insurance company to carry. Write the full name as it appears on your draft articles, including the entity tag such as Inc. or LLC. For example, Cedar Ridge Risk Insurance Company, Inc. writes its name in full, not just “Cedar Ridge.”

The name on this line must match the name on the organizational documents you attach under item 24 exactly. If you have a P.O. Box era holdover name or a “doing business as” label, do not use it here; the CSI wants the chartered legal name. A common mistake is listing a trade name or a parent’s name in this box, which creates a mismatch the CSI must resolve before it moves on. People wrongly believe the name can be tweaked later for free, but a post-filing name change means amending the articles and the license, so lock it in now.

Field 2: Parent or Sponsor

This field asks who owns or sponsors the captive, meaning the company standing behind it. Enter the legal name of the parent firm for a pure captive, or the sponsor for a protected cell structure. For example, Cedar Ridge Manufacturing Co. lists itself as the parent of its pure captive.

For an association captive, name the association; for a protected cell, name the sponsoring core. A common mistake is leaving this blank because the filer thinks the captive stands alone, but nearly every captive has a parent or sponsor, and a blank box signals an incomplete ownership picture. Filers often believe the parent must be a Montana company, which is false; the parent can sit in any state, since only the captive itself is domiciled in Montana.

Field 3: Application Contact Person

This box asks for the name, address, and phone number of the person the CSI should call with questions. Use the contact most able to answer fast, often the captive manager or attorney handling the file. For example, the contact line reads Dana Holt, Mountain Captive Management, 100 N Last Chance Gulch, Helena, MT 59601, 406-555-0148.

Pick someone who actually monitors the file, not a busy executive who travels. A common mistake is listing an owner who is hard to reach, which slows every back-and-forth with the regulator. People assume this contact must be a lawyer, but it can be any responsible person, and naming your captive manager often speeds the review.

Field 4: Federal Employer Identification Number

This field asks for the captive’s FEIN, the nine-digit tax ID the IRS assigns. Enter it in the standard XX-XXXXXXX format. For example, Cedar Ridge’s captive writes 87-1234567 in this box.

Get the EIN for the new captive entity before you file, not the parent’s EIN. A common mistake is entering the parent company’s number, which crosses tax wires and confuses CSI tracking. Filers think a captive can share its parent’s EIN, but the captive is a separate legal entity and needs its own number from the IRS.

Field 5: Type of Captive

This box asks you to check the box for the captive structure you want. The choices are Pure, Association, Industrial Insured, Captive Risk Retention Group, Captive Reinsurance Company, Protected Cell (Core), Protected Cell (Cell), Special Purpose Captive (Series Core), Special Purpose Captive (Series SBU), and Special Purpose Captive (non-Series). For example, Cedar Ridge checks Pure because it insures only its own risks.

Your choice here drives your capital minimum and which extra attachments you owe in item 24. A common mistake is checking Pure when you plan to insure unrelated third parties, which actually makes you an association or RRG and triggers a $500,000 minimum instead of $250,000 under 33-28-104. Many filers think the type can switch later without cost, but changing type means a new capital test and amended documents, so choose with care.

Field 6: Business Entity Form

This field asks whether the captive is a Corporation or an LLC. Check one box only. For example, Cedar Ridge Risk Insurance Company, Inc. checks Corporation.

This choice controls which organizational documents you attach: articles of incorporation and bylaws for a corporation, or articles of organization and an operating agreement for an LLC. A common mistake is checking Corporation but attaching LLC documents, which the CSI flags as a contradiction. Filers believe entity form is just a tax label, but it shapes governance, control, and the exact drafts the regulator expects.

Field 7: Organization Form

This box asks how the captive is organized: Stock, Mutual, Reciprocal, or Other. Check the one that fits your ownership model. For example, a single-parent captive owned through shares checks Stock.

If you check Reciprocal, you owe a certified copy of the power of attorney-in-fact and the subscriber’s agreement under item 24. A common mistake is checking Reciprocal without understanding it, which forces extra attachments you may not have. People confuse Stock with Mutual; stock captives are owned by shareholders, while mutual captives are owned by their policyholders, so match the box to your real structure.

Field 8: Address of Principal Place of Business in Montana

This field asks for the captive’s main Montana address. Montana law requires the captive to have a presence in the state, so enter a real Montana street address, often the captive manager’s office. For example, the captive lists 100 N Last Chance Gulch, Helena, MT 59601.

A registered agent or captive manager address in Montana works here. A common mistake is listing an out-of-state headquarters, which fails the Montana-presence requirement and stalls the file. Filers think any mailing address will do, but the CSI expects a genuine Montana location tied to your manager or agent.

Field 9: Location of Books and Records

This box asks where the captive keeps its books and records. The CSI captive page states all books, records, and information needed for a statutory examination should be located in Montana. For example, Cedar Ridge writes 100 N Last Chance Gulch, Helena, MT 59601, c/o Mountain Captive Management.

You can store records with your Montana captive manager to meet this rule. A common mistake is listing the parent’s out-of-state office, which can complicate a state exam. People assume records can live anywhere in the cloud, but the regulator wants them accessible in Montana for inspection.

Field 10: Capital and/or Surplus of Captive

This field asks you to break out Capital, Surplus, and Total, plus the location of the stock shares. Enter dollar figures that meet or beat the minimum for your captive type. For example, Cedar Ridge enters Capital $150,000, Surplus $100,000, Total $250,000 for its pure captive.

The total must hit at least $250,000 for a pure captive or $500,000 for an industrial insured, association, or RRG, per 33-28-104. A common mistake is reporting a total below the minimum, which is an automatic bar to the Certificate of Authority. Filers wrongly think they can fund the capital after the license issues, but the money must be in place and unimpaired before the CSI grants authority.

Field 11: Beneficial Owners and Percent of Ownership

This box asks you to list each beneficial owner and the percent each holds. List every real owner until the percentages add to 100. For example, Cedar Ridge writes Cedar Ridge Manufacturing Co. — 100%.

Include indirect owners who control the captive, not just the entity on paper. A common mistake is listing only the top holding company while hiding individual owners, which the CSI treats as an incomplete ownership chain. People think a 5% owner is too small to list, but you should disclose all beneficial owners so the regulator sees the full control map.

Field 12: Relationship Among Owners

This field asks you to explain how the owners relate to one another. Describe the family, corporate, or contractual ties in plain words. For example, Cedar Ridge Manufacturing Co. is the sole owner; there are no other owners, is enough for a single-parent captive.

For multi-owner captives, spell out whether owners are affiliates, partners, or unrelated members. A common mistake is leaving this blank for a single-parent captive, when a one-line note still belongs there. Filers think this box is optional, but the CSI uses it to confirm the captive is not secretly insuring unrelated risk under a “pure” label.

Field 13: Entities to Be Insured

This box asks you to list each entity the captive will insure and the beneficial owner of each. Attach extra sheets if you run out of room. For example, Cedar Ridge lists Cedar Ridge Manufacturing Co. and its beneficial owner on the matching line.

List every insured affiliate, because the CSI checks that insureds line up with the captive type you chose in field 5. A common mistake is naming an unrelated third party in a pure captive, which contradicts the pure structure and forces a type change. People believe they can add insureds quietly later, but new insureds can change your tax and structure, so disclose the real plan.

Field 14: Letter of Credit

This field asks, if a Letter of Credit will fund capital, for the bank name, address, and amount. Fill it only if you use an LC instead of cash. For example, a filer writes First Montana Bank, 200 W Broadway, Missoula, MT 59802 — $250,000.

If you use an LC, you must use Montana’s approved Irrevocable Letter of Credit form, attached under item 24(j). A common mistake is submitting the bank’s own LC template, which the CSI rejects because the wording must match the state form. Filers think any bank LC counts, but only the state-approved irrevocable form satisfies 33-28-104.

Field 15: Captive Manager

This box asks for the name and address of your captive manager. Choose a manager from the CSI’s approved list when possible. For example, the form reads Mountain Captive Management, 100 N Last Chance Gulch, Helena, MT 59601.

You must attach the management contract under item 24(k). A common mistake is leaving this blank or naming a manager with no Montana ties, which weakens your local-presence case. People think they can run the captive themselves, but Montana captives almost always use a professional manager, and the CSI expects a named one.

Field 16: Claims Handler

This field asks for the name and address of who will handle claims. Enter the third-party administrator or in-house unit that pays claims. For example, Summit Claims Services, 500 S Main St, Butte, MT 59701.

You must attach the claims-handling contract under item 24(k). A common mistake is naming the parent’s HR department with no claims process, which raises solvency questions. Filers think claims handling is informal, but the CSI wants a clear, contracted process so policyholder claims get paid on time.

Field 17: MGA/MGU

This box asks for the name and address of any Managing General Agent or Managing General Underwriter. Fill it only if you use one; many single-parent captives do not. For example, a captive with no MGA writes None.

If you name an MGA/MGU, attach its contract under item 24(k). A common mistake is leaving the box empty rather than writing “None,” which looks like an oversight. People assume every captive needs an MGA, but pure captives often underwrite their own risk and can leave this as “None.”

Field 18: Lawyer

This field asks for the name and address of the captive’s lawyer. Enter the attorney who drafted your organizational documents. For example, Jordan Pierce, Pierce Insurance Law PLLC, 30 W 14th St, Helena, MT 59601.

Under item 24(l), you list this lawyer’s responsibilities and how fees are charged. A common mistake is naming a lawyer who never reviewed the captive documents, which the CSI may probe. Filers think a lawyer is optional, but the CSI captive page notes a local attorney is desirable for drafting the organizational documents.

Field 19: Certified Public Accountant

This box asks for the name and address of your CPA. The CPA must be approved by the commissioner under ARM 6.6.6801 through 6.6.6821. For example, Linda Park, Park & Co. CPAs, 800 Helena Ave, Helena, MT 59601.

You must attach the CPA authorization form under item 24(m) unless the CPA is already Montana-approved. A common mistake is naming a CPA who is not approved and skipping the form, which blocks the required annual audit. People think any CPA can audit a captive, but Montana requires an approved independent CPA, so confirm status first.

Field 20: Actuary

This field asks for the name and address of your actuary. The actuary must meet ARM 6.6.6816, meaning a Fellow of the Casualty Actuarial Society or an Academy of Actuaries member in good standing. For example, Mark Reyes, Reyes Actuarial LLC, 120 N Roberts St, Helena, MT 59601.

Attach the actuary authorization form under item 24(n) unless the actuary is already approved. A common mistake is using an unqualified analyst for the feasibility study, which forces a costly peer review or a redo. Filers think any number-cruncher works, but loss reserves must be certified by a qualified, approved actuary.

Field 21: Reinsurance Broker

This box asks for the name and address of your reinsurance broker. Fill it if you cede risk to reinsurers. For example, Glacier Re Brokers, 1 Re Plaza, Bozeman, MT 59715.

Under item 24(l), describe this broker’s duties and fee arrangement. A common mistake is leaving it blank when your plan of operation shows a reinsurance program, which creates a contradiction. People think reinsurance is only for large insurers, but many captives buy reinsurance, and the broker belongs on the form.

Field 22: Directors, Officers, and Controlling Beneficial Owner

This field asks you to list the captive’s directors, officers, and controlling owner with their positions. List each person and title. For example, Sam Cedar — Director and President; Dana Holt — Secretary.

Each person here needs a Biographical Affidavit under item 24(o), and Montana law requires at least one director who is a Montana resident, per 33-28-105. A common mistake is naming a board with zero Montana residents, which violates the statute and stops the license. Filers think the resident-director rule is a suggestion, but it is mandatory, so seat a Montana resident before you file.

Field 23: Industrial Insured Captive Details

This box appears only if you checked Industrial Insured in field 5. It asks for the insurance manager or buyer, the aggregate annual premium on all risks, and the number of full-time employees. For example, an industrial insured captive writes Pat Lane, risk manager; $4,200,000 aggregate premium; 320 full-time employees.

Skip this box entirely if you are a pure or other captive type. A common mistake is filling it in when it does not apply, which confuses the reviewer about your type. Filers think every captive completes every box, but item 23 is type-specific and stays blank for non-industrial filers.

Field 24: Required Attachments and Fees

This is the heart of the application, a checklist of everything that rides along with the form. It asks for the Coverage/Limits/Reinsurance form, the $200 application fee, the $300 license fee, and a feasibility study, plus type-specific items. For example, Cedar Ridge attaches its coverage form, a $500 check, an actuarial feasibility study, draft articles and bylaws, owner financials, the management and claims contracts, biographical affidavits, and a detailed Plan of Operation.

The Plan of Operation alone demands twelve items, including five-year premium and loss projections, an investment policy, a reinsurance program, an organization chart, and specimen policy forms. A common mistake is sending the form with missing attachments, which is the single biggest cause of delay because the CSI will not begin review until the packet is whole. People think they can mail attachments later, but an incomplete item 24 means your file sits untouched, so assemble all of it before you send.

Certification Block

The form ends with a certification that the controlling person signs under oath. It asks the controlling person to confirm all information is true and all estimates are best estimates based on careful facts. For example, Sam Cedar signs, prints Sam Cedar, President, and dates it 03/14/2026.

The signer must be the controlling person, meaning whoever can direct the captive’s management and policies. A common mistake is having a junior employee sign, which makes the certification invalid. Filers think any officer can sign, but for a series or protected cell the owner of that cell or SBU is the controlling person, so the right person must sign.

Three Filled-Out Examples Using Real Scenarios

These three walkthroughs show how different filers complete the same form. Use the one closest to your plan as a template.

Scenario 1: Cedar Ridge forms a pure captive. Sam Cedar owns a mid-size manufacturer and wants to insure equipment breakdown and product liability through a single-parent captive.

Form Section	What Cedar Ridge Enters
1. Name of proposed captive	Cedar Ridge Risk Insurance Company, Inc.
2. Parent or Sponsor	Cedar Ridge Manufacturing Co.
4. FEIN	87-1234567
5. Type of captive	Pure
6. Business entity form	Corporation
10. Capital / Surplus / Total	$150,000 / $100,000 / $250,000
13. Entities to be insured	Cedar Ridge Manufacturing Co.
22. Directors and officers	Sam Cedar (President), Dana Holt (Secretary, MT resident)
24. Attachments and fees	$200 + $300, feasibility study, articles, bylaws, Plan of Operation

Scenario 2: Big Sky Builders Guild forms an association captive. A trade group of contractors pools workers’ compensation risk.

Form Section	What the Guild Enters
1. Name of proposed captive	Big Sky Builders Mutual Insurance Company
2. Parent or Sponsor	Big Sky Builders Guild Association
5. Type of captive	Association
7. Organization form	Mutual
10. Capital / Surplus / Total	$300,000 / $200,000 / $500,000
11. Beneficial owners	Guild members, listed by percent
13. Entities to be insured	Member contractors (additional sheets attached)
24(d). Association detail	History, purpose, and size of the Guild
24. Attachments and fees	$200 + $300, feasibility study, member financials

Scenario 3: Aspen Sponsor adds a protected cell. A sponsored core licenses a new cell for a client.

Form Section	What Aspen Enters
1. Name of proposed captive	Aspen Protected Cell 7
2. Parent or Sponsor	Aspen Sponsored Captive Core, Inc.
5. Type of captive	Protected Cell (Cell)
6. Business entity form	Corporation
10. Capital / Surplus / Total	$125,000 / $125,000 / $250,000
14. Letter of Credit	First Montana Bank — $250,000
22. Directors and officers	Core board plus cell owner as controlling person
Certification	Signed by the cell owner as controlling person
24(j). LC form	State-approved Irrevocable Letter of Credit attached

How to File the Completed Form

There is one filing channel for the initial license: a complete document package sent to the CSI Captive Insurance Team. There is no web portal for the application itself, so plan to mail or hand-deliver a full packet.

• By mail or courier. Send the signed form, all item 24 attachments, and a check for the $200 application fee plus $300 license fee to the Montana Commissioner of Securities and Insurance, 840 Helena Avenue, Helena, MT 59601. Make the check payable to the CSI and keep a copy of the check and a tracking receipt as your proof of filing.
• By email for coordination. Email captives@mt.gov to confirm the current form, ask whether your CPA or actuary is already approved, and arrange delivery of large attachments. Keep the email thread as a record.
• By phone for questions. Call the Captive Insurance Team at 800-332-6148 or 406-444-2040 before you file to clear up any field you are unsure about.

Processing time varies with file quality, but a clean packet moves faster because the CSI starts review only when item 24 is complete. The CSI captive page notes the commissioner may hire an outside reviewer at your expense; if so, you submit an extra copy of the materials and pay the quoted cost. After filing, save a full duplicate of everything you sent, since you will reference it for your annual statement and premium tax filings.

What Happens After You File

Once your packet arrives, the CSI Captive Insurance Team reviews your capital, your people, your feasibility study, and your Plan of Operation. If the file is complete and sound, the commissioner issues a Certificate of Authority, and your captive can begin writing the coverage in your plan. If something is missing or weak, the CSI sends questions or orders an actuarial peer review at your cost.

After the license issues, ongoing duties begin right away. You must file an annual statement under 33-28-107; RRGs use the NAIC blank by March 1, and other captives may use the Montana Short Form Annual Statement by April 1. An approved independent CPA must audit the captive each year, and an approved actuary must certify your loss reserves.

You also owe premium tax. Under SB 60, for tax years after December 31, 2025, direct premiums are taxed at 0.4% on the first $20 million and 0.3% above that, with a $5,000 minimum annual tax that is prorated by quarter in your first year, per 33-28-201. You file this tax online through OPTins, selecting “Captives” as the filing type. Miss these filings and the CSI can suspend or revoke your Certificate of Authority.

Mistakes to Avoid When Filling Out the Form

• Reporting total capital below your type’s minimum, which is an automatic bar to the Certificate of Authority under 33-28-104.
• Checking “Pure” while planning to insure unrelated third parties, which forces a type change and a higher $500,000 minimum.
• Naming a board with no Montana resident director, which violates 33-28-105 and stops the license.
• Mailing the form with missing item 24 attachments, which leaves your file untouched until the packet is complete.
• Entering the parent’s FEIN instead of the captive’s own number, which crosses tax records and confuses tracking.
• Using the bank’s own letter of credit template instead of the state-approved Irrevocable Letter of Credit form, which gets rejected.
• Naming a CPA or actuary who is not Montana-approved and skipping their authorization forms, which blocks the audit and reserve certification.
• Having a junior employee sign the certification instead of the controlling person, which makes the oath invalid.
• Submitting a thin feasibility study, which triggers a costly actuarial peer review at your expense.
• Listing an out-of-state address in field 8 or 9, which fails Montana’s presence and records requirements.
• Leaving the relationship-among-owners box blank, which the CSI reads as an incomplete ownership picture.
• Forgetting one of the twelve Plan of Operation items, such as the investment policy or specimen policy forms, which stalls review.

Do’s and Don’ts

Do:

• Do confirm you have the current 12-21-22 Captive Application Form, because an old version may miss required fields.
• Do seat at least one Montana resident director before filing, since the statute requires it.
• Do fully fund capital and surplus first, because the money must be unimpaired before the license issues.
• Do hire an approved Montana captive manager, since the CSI expects a real local presence.
• Do assemble all item 24 attachments before mailing, because the review only starts with a complete packet.
• Do keep a full copy of everything you send, since you will need it for annual filings.

Don’t:

• Don’t paraphrase the captive type, because each type sets a different capital minimum and attachment list.
• Don’t use a generic bank LC, since only the state-approved irrevocable form counts.
• Don’t list unrelated insureds in a pure captive, because it breaks the pure structure.
• Don’t let an unapproved CPA or actuary sign on, since their work will be rejected.
• Don’t skip the feasibility study detail, because a weak study invites a costly peer review.
• Don’t mail the form without both fees, since the file is not processed until payment clears.

Pros and Cons of Filing on Your Own vs. With a Captive Manager

Most Montana captives file with a professional manager, but some sophisticated parents try it alone. Weigh the trade-offs before you decide.

Filing With a Captive Manager	Filing on Your Own
Pro: The manager knows the 12-21-22 form and avoids field errors.	Pro: You save the manager’s fee on a simple single-parent captive.
Pro: An approved manager strengthens your Montana-presence case.	Pro: You keep full control of every drafting choice.
Pro: Managers line up approved CPAs and actuaries fast.	Pro: You build deep in-house knowledge of your own captive.
Pro: A clean packet moves through CSI review faster.	Pro: No reliance on a third party’s schedule.
Pro: The manager handles annual statements and OPTins tax filings.	Pro: Direct relationship with the CSI team.
Con: You pay ongoing management fees.	Con: First-time filers often miss item 24 attachments.
Con: You depend on the manager’s timeline.	Con: No Montana presence can weaken fields 8, 9, and 15.
Con: Less hands-on learning about your captive.	Con: A weak feasibility study can trigger a costly peer review.

FAQs

How much does it cost to file the Montana captive application?

Yes, there is a cost: a $200 application fee plus a $300 license fee, due with the form, per the CSI captive page.

Do I need a Montana resident on my board to file?

Yes. Under 33-28-105, at least one director of a Montana captive must be a Montana resident before the license issues.

Is there a minimum amount of capital I must hold?

Yes. A pure captive needs at least $250,000, and an association, industrial insured, or RRG needs at least $500,000, per 33-28-104.

Can I file the application through an online portal?

No. The license application is a mailed document packet to the CSI in Helena; only later premium tax is filed online through OPTins.

Do I enter my parent company’s EIN in box 4?

No. Box 4 asks for the captive’s own Federal Employer Identification Number, not the parent’s, because the captive is a separate legal entity.

Should I write a trade name in box 1, the captive name field?

No. Box 1 needs the exact legal name from your draft articles, including the entity tag, not a trade name or DBA.

Do I fill out box 23 if I have a pure captive?

No. Box 23 applies only to industrial insured captives; pure and other captive types leave it blank.

Can I use my bank’s own letter of credit form in box 14?

No. If you use a letter of credit, you must use Montana’s approved Irrevocable Letter of Credit form, attached under item 24(j).

Do all directors and officers in box 22 need a biographical affidavit?

Yes. Item 24(o) requires a Biographical Affidavit for each person listed in box 22.

Is there a minimum premium tax after I get licensed?

Yes. Under SB 60, every captive pays at least a $5,000 annual minimum tax, prorated by quarter in the first year.

Can I add attachments to item 24 after I mail the form?

No. The CSI starts review only when item 24 is complete, so a partial packet sits untouched until you send the rest.

Must my CPA and actuary be approved by Montana before I file?

Yes. Your CPA must meet ARM 6.6.6801–6.6.6821 and your actuary must meet ARM 6.6.6816, and both need commissioner approval, per the CSI captive page.

Can any officer sign the certification block?

No. Only the controlling person, the one who can direct the captive’s management and policies, may sign the certification under oath.