At the time of writing, Senate Bill 5315 sits on Governor Jay Inslee’s desk awaiting his signature. The House speaker signed the bill on 12 April, completing its successful passage through the Washington State Legislature. The legislative fix is designed to bring a three year battle between the state’s captive owner community and the Office of the Insurance Commissioner to a close.
Commissioner Mike Kreidler has led efforts to impose new taxes on captive insurers.
Since 2018 Commissioner Mike Kreidler has targeted captives owned by Washington-headquartered businesses, accusing them of being unauthorised thus insuring risk in the state illegally.
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