Captive insurance has been included in the Washington State Office of the Insurance Commissioner's 2020 legislative priorities list.
Washington state law currently provides no statutory framework to allow the formation of captive insurance companies within the state.
A statement, released by the Washington State Office of the Insurance Commissioner (OIC), explained that during the past year, the OIC began investigating Washington state-based companies who had formed their own captive insurance companies.
These companies have been cooperating in the investigations by the OIC and are working with the OIC on legislation for 2020.
The statement said: “We are introducing legislation in the 2020 legislative session that will create a statutory framework for how captive insurance companies can be formed by Washington state companies, who can form them and what taxes will be paid by them to Washington state.”
