Washington State Implements Registration and Tax Requirement on Eligible Captive Insurers Operating in the State
By EsqSocial Corporation 03/06/21
On May 12, 2021, Washington’s legislature passed into law Senate Bill 5315, which implements a registration requirement and a tax on captive insurers operating in Washington. Although Washington does not license captive insurers, this new legislation now recognizes the concept of “eligible” captive insurers operating in the state but located in other jurisdictions. Such captive insurers must register with and pay premium tax to Washington’s Office of the Insurance Commissioner. An “eligible”...
By: Locke Lord LLP