All “eligible captive insurers” who have issued a policy covering Washington risks after September 9, 2021, must register within 120 days of issuing the policy.
Who are eligible captive insurers?
- Insurance companies in good standing and licensed as a captive insurer by their domicile jurisdiction
Are wholly or partially owned by a captive owner as defined in RCW 48.201.020(2)(a)(b).
- Insures risks of the captive owner, the captive owner’s other affiliates, or both
- Has one or more of its insureds who have their principal place of business in Washington
- Has assets that exceed its liabilities by at least $1 million and has the ability to pay its debts as they come due
- Provides only property and casualty insurance to the captive owner, the captive owner’s other affiliates, or both
How to apply as a captive insurer
Apply online to submit your application and supporting documents. The initial registration fee for each captive insurer is $2,500. Certificates of registration may be renewed for successive periods of 12 months for a $2,500 registration renewal fee set by the insurance commissioner.
How will captive insurers report premiums and pay taxes?
With the passage of 2SSB5315 (leg.wa.gov), captive insurers are required to report premiums and pay taxes. As part of the initial registration process, captive insurers will be asked to provide contact information for the person responsible for their premium tax reporting. Once a captive insurer's registration is approved, the tax contact will be sent additional information related to reporting premiums and paying taxes.
2022 Captive Insurer Renewal Information
All currently registered captive insurers operating in Washington must renew their registrations annually to continue operating in this state. Renewal applications must be submitted by April 1st of each year to allow time for review and approval by June 30th. Renewal registrations are valid for 12 months from July 1st through June 30th of the following year. Please see the instructions below on how to renew a Captive Insurer registration.
For more information, please contact us.