A bill to provide a framework to captive insurers doing business in Washington became law after Gov. Jay Inslee signed the legislation on Wednesday.
Second Substitute SB 5315, which was requested by Insurance Commissioner Mike Kreidler and sponsored by Sen. Mark Mullet, D-Issaquah, requires that captives operating in Washington state must:
- Register with Kreidler’s office.
- Pay a registration fee of $2,500.
- Pay an annual 2% premium tax on insurance by March 1 every year, starting in 2022.
