Notice of Public Hearing for Substitute Senate Bill 6331

Office of the Governor / Office of Financial Management sent this bulletin at 02/17/2020 08:25 PM PST

Office of Financial Management

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SSB 6331, titled AN ACT Relating to captive insurance and independently procured commercial insurance, has been scheduled for a public hearing by the Senate Committee on Ways & Means.

Date and Time: 02/20/2020 3:30PM (Subject to change by the Legislature.)
Location: J.A. Cherberg Building, Senate Hearing Rm 4, Olympia, WA

The Office of Financial Management has identified this bill as requiring a ten-year projection of increased cost to the taxpayers or affected fee payers.

Ten-year projection:

Fiscal
Year

   Captive Insurer Registration Fee

   Captive Insurer Registration Renewal Fee

   Insurance Penalties and Fees

   Insurance Premium Tax

Total

 

2020

$

$

$

$

$

2021

1,480,000

                                     0

1,480,000

                      0

$ 2,960,000

2022

87,500

1,480,000

157,000

51,504,000

$ 53,228,500

2023

15,000

1,567,500

32,000

38,565,000

$ 40,179,500

2024

                            0

1,582,500

32,000

38,142,000

$ 39,756,500

2025

                            0

1,582,500

32,000

37,980,000

$ 39,594,500

2026

                            0

1,582,500

32,000

37,980,000

$ 39,594,500

2027

                            0

1,582,500

32,000

37,980,000

$ 39,594,500

2028

                            0

1,582,500

32,000

37,980,000

$ 39,594,500

2029

                            0

1,582,500

32,000

37,980,000

$ 39,594,500

 

Total:

$ 1,582,500

$ 12,542,500

$ 1,861,000

$ 318,111,000

$ 334,097,000

 





Department of Revenue:
The revenue impact of this bill could be substantial but is indeterminate since insufficient data is available on the value of taxable transactions.
 



Ten-year projection prepared in consultation with the following agencies:

Department of Revenue
Office of Insurance Commissioner

The substitute bill was proposed by:

Senate Committee on Financial Institutions, Economic Development & Trade



The original bill sponsors and contact information are:

Senator Mark Mullet, Prime Sponsor
Democrat
(360) 786-7608
Mark.Mullet@leg.wa.gov

Senator Lynda Wilson
Republican
(360) 786-7632
Lynda.Wilson@leg.wa.gov


Senate Committee on Ways & Means members and contact information:

Senator Randi Becker
Republican
(360) 786-7602
Randi.Becker@leg.wa.gov

Senator Andy Billig
Democrat
(360) 786-7604
Andy.Billig@leg.wa.gov

Senator John Braun
Republican
(360) 786-7638
John.Braun@leg.wa.gov

Senator Sharon Brown
Republican
(360) 786-7614
Sharon.Brown@leg.wa.gov

Senator Reuven Carlyle
Democrat
(360) 786-7670
Reuven.Carlyle@leg.wa.gov

Senator Steve Conway
Democrat
(360) 786-7656
Steve.Conway@leg.wa.gov

Senator Jeannie Darneille
Democrat
(360) 786-7652
DARNEILL_JE@leg.wa.gov

Senator Manka Dhingra
Democrat
(360) 786-7672
Manka.Dhingra@leg.wa.gov

Senator David Frockt
Democrat
(360) 786-7690
David.Frockt@leg.wa.gov

Senator Bob Hasegawa
Democrat
(360) 786-7616
Bob.Hasegawa@leg.wa.gov

Senator Jim Honeyford
Republican
(360) 786-7684
Jim.Honeyford@leg.wa.gov

Senator Sam Hunt
Democrat
(360) 786-7642
Sam.Hunt@leg.wa.gov

Senator Karen Keiser
Democrat
(360) 786-7664
Karen.Keiser@leg.wa.gov

Senator Marko Liias
Democrat
(360) 786-7640
Marko.Liias@leg.wa.gov

Senator Mark Mullet
Democrat
(360) 786-7608
Mark.Mullet@leg.wa.gov

Senator Ron Muzzall
Republican
(360) 786-7618
MUZZALL_RO@leg.wa.gov

Senator Jamie Pedersen
Democrat
(360) 786-7628
Jamie.Pedersen@leg.wa.gov

Senator Ann Rivers
Republican
(360) 786-7634
Ann.Rivers@leg.wa.gov

Senator Christine Rolfes
Democrat
(360) 786-7644
Christine.Rolfes@leg.wa.gov

Senator Mark Schoesler
Republican
(360) 786-7620
Mark.Schoesler@leg.wa.gov

Senator Kevin Van De Wege
Democrat
(360) 786-7646
Kevin.VanDeWege@leg.wa.gov

Senator Keith Wagoner
Republican
(360) 786-7676
Keith.Wagoner@leg.wa.gov

Senator Judy Warnick
Republican
(360) 786-7624
Judith.Warnick@leg.wa.gov

Senator Lynda Wilson
Republican
(360) 786-7632
Lynda.Wilson@leg.wa.gov



Legislative Bill Information Website: http://apps.leg.wa.gov/billinfo/

Initiative 960 Website: http://www.ofm.wa.gov/tax/default.asp