The fine was issued to the company for conducting insurance business in Washington state without being registered as a captive insurer between 2014 and 2021
Governor Jay Inslee signed a bill into law that would see the creation of a framework in Washington for registering eligible captive insurers and imposing a premium tax on the risk covered by premiums allocable to the state
A bill that was submitted during the Washington State 2021 legislative session was signed by Speaker of the House Laurie Jinkins on 12 April
“Washington could have instituted a self-procurement tax like several other states — instead, the Office of the Insurance Commissioner chose pride over prudence,” according to Rich Smith, president of the Vermont Captive Insurance Association
The Washington State Senate has passed a captive bill that would see eligible captive insurers pay a 2 per cent premium tax for insurance directly procured by and provided to its parent or affiliate for Washington risks during the preceding calendar
A bill submitted during Washington State 2021 legislative session would see the creation of a framework for registering eligible captive insurers and imposing a premium tax on the risk covered by premiums allocable to the state
The insurance commissioners from Washington State, North Carolina and Delaware have all won re-election in the 2020 US election
The Washington Office of the Insurance Commissioner has revealed that captive insurance companies remain a priority after they were listed on its 2021 legislative agenda
Microsoft’s decision to settle with the State of Washington Insurance Commissioner could have interesting implications for the US captive market
In September 2019, the Washington State Insurance Commissioner (OIC) Mike Kreidler made captive insurance a legislative priority for 2020.
