Get the free CT-33-C Captive Insurance Company - tax ny

This document is used by captive insurance companies to file their franchise tax return with the New York State Department of Taxation and Finance, detailing premium calculations and tax liabilities.

How to fill out ct-33-c captive insurance company

How to fill out CT-33-C Captive Insurance Company

1. Obtain a copy of the CT-33-C form from the Department of Taxation website or local office.
2. Fill in the top section with the complete legal name of the captive insurance company and its address.
3. Provide the Tax Identification Number (TIN) of the company in the specified field.
4. Enter the date of incorporation or organization as instructed.
5. Complete the financial information section by reporting premium income, investment income, and deductible expenses.
6. Review the applicable tax rates and calculate the total tax due based on the provided instructions.
7. Sign and date the form at the bottom to certify that the information is true and correct.
8. Submit the completed form along with any required financial statements by the deadline to the appropriate tax authority.

Who needs CT-33-C Captive Insurance Company?

1. Captive insurance companies formed within New York State for risk management purposes.
2. Businesses looking for alternative insurance solutions to manage their risks.
3. Companies operating in industries such as healthcare, manufacturing, and technology that may benefit from customized insurance coverage.
4. Entities considering forming a captive as a strategic financial tool for cost savings and risk retention.

People Also Ask about

What is a captive insurance company?

Cons of a Captive Insurance Plan Increased risk – With a captive, the owner-insureds put their own capital at risk. If a company experiences a high number of claims, that capital could be lost. This is why it's important to have robust risk management policies.

What is the purpose of a captive insurance company?

A captive insurance company is a wholly-owned subsidiary insurer formed to provide risk mitigation services for its parent company or related entities. Companies form “captives” for various reasons, such as when: The parent company cannot find a suitable outside firm to insure it against particular business risks.

What is an example of a captive company?

Cons of a Captive Insurance Plan Increased risk – With a captive, the owner-insureds put their own capital at risk. If a company experiences a high number of claims, that capital could be lost. This is why it's important to have robust risk management policies.

What is the downside of captive insurance?

In a traditional insurance program, the insurance carriers take on all risks and retain all profits. With captive insurance, the captive participants share in the risk for a potential reward of lower costs, underwriting profits, and investment incomes.

For pdfFiller’s FAQs

What is CT-33-C Captive Insurance Company?

CT-33-C Captive Insurance Company is a tax form used by captive insurance companies to report income and pay applicable taxes in the state of Connecticut.

Who is required to file CT-33-C Captive Insurance Company?

Captive insurance companies that are licensed and operating in Connecticut are required to file the CT-33-C form.

How to fill out CT-33-C Captive Insurance Company?

To fill out CT-33-C, companies must provide financial information, including income, expenses, and other pertinent data, following the guidelines outlined in the form's instructions.

What is the purpose of CT-33-C Captive Insurance Company?

The purpose of CT-33-C is to ensure that captive insurance companies comply with state tax laws and regulations by reporting their financial activities accurately.

What information must be reported on CT-33-C Captive Insurance Company?

CT-33-C must include information such as gross premiums written, losses incurred, operational expenses, and investment income among other financial details.