All “eligible captive insurers” who have already issued policies covering risks in Washington will be required to register with the Washington state Office of the Insurance Commissioner (OIC) by Sept. 9, 2021. Captives issuing their first policy covering Washington risks after Sept. 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 2SSB 5315 (PDF, 100.3 KB)
- 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 fee, not to exceed $2,500, 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.
Please check this webpage for updates on registering as a captive insurer. For more information, please contact us.