OLYMPIA, Wash. – Insurance Commissioner Mike Kreidler has begun a study to determine how many organizations in Washington are not paying insurance premium tax as required under state law.
The study began with an initial survey sent to about 5,000 businesses and other organizations in Washington asking if they use a “captive” insurance company. This is an arrangement where a business establishes its own insurance company to insure specific risks of its owner.
Currently, captive insurers are not authorized under Washington state law. Additionally, companies using…