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The recent growth spurt among captives opting to domicile domestically can be attributed to lower establishment costs, more streamlined capitalization requirements and state governments offering increasingly creative incentives.

Another factor: more location options. The Captive Insurance Companies Association (CICA) reports that Florida and New Jersey will be the newest states open for business, effective this July.

The Vermont insurance market—one of the oldest in the U.S.—is still the No. 1 domicile in the country with 30-40 percent of Fortune 500 companies owning a captive in the Green Mountain State. But other states are taking steps to make themselves more attractive and to catch up.

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