For Insurers

Captive Insurers

Captive insurance companies insuring risk in Washington state must comply with state law. Risk may be insured in Washington state through an admitted insurer or unauthorized insurer placed by a surplus line broker. It's unlawful for captive insurers to operate or insure risk in Washington without being admitted or placing their business through a surplus line broker licensed in this state.

Insurance Commissioner Mike Kreidler will reduce fines and penalties for captive insurers who self-report their activity in Washington state

How the plan works

Premium tax, interest on premium tax, and the tax penalty will be calculated based off of the look-back period. Activity outside of the look-back period will be forgiven. Reporting prior to December 31, 2019 will result in the shortest look-back period. Captives who self-report will take advantage of a reduced tax penalty and discounted fine.

Items needed to self-report

Self-report form