Notice of Committee Passage for Substitute Senate Bill 5315
Office of the Governor / Office of Financial Management sent this bulletin at 02/02/2021 06:45 PM PST
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SSB 5315, titled AN ACT Relating to captive insurance, has been passed by the Senate Committee on Financial Institutions, Economic Development & Trade. 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 |
Captive Insurer registration fee |
Captive Insurer registration renewal fee |
Insurance Premium tax |
Total |
|
|
|
|||||
|
2022 |
$ 127,500 |
$ |
$ 31,740,000 |
$31,867,500 |
|
|
2023 |
0 |
127,500 |
2,200,000 |
$ 2,327,500 |
|
|
2024 |
0 |
127,500 |
2,200,000 |
$ 2,327,500 |
|
|
2025 |
0 |
127,500 |
2,200,000 |
$ 2,327,500 |
|
|
2026 |
0 |
127,500 |
2,200,000 |
$ 2,327,500 |
|
|
2027 |
0 |
127,500 |
2,200,000 |
$ 2,327,500 |
|
|
2028 |
0 |
127,500 |
2,200,000 |
$ 2,327,500 |
|
|
2029 |
0 |
127,500 |
2,200,000 |
$ 2,327,500 |
|
|
2030 |
0 |
127,500 |
2,200,000 |
$ 2,327,500 |
|
|
2031 |
0 |
127,500 |
2,200,000 |
$ 2,327,500 |
|
|
|
|||||
|
Total: |
$ 127,500 |
$ 1,147,500 |
$ 51,540,000 |
$52,815,000 |
|
Ten-year projection prepared in consultation with the following agencies:
Office of Insurance Commissioner
The following legislators voted do pass:
Senator Bob Hasegawa
Democrat
(360) 786-7616
bob.hasegawa@leg.wa.gov
Senator Steve Hobbs
Democrat
(360) 786-7686
steve.hobbs@leg.wa.gov
Senator David Frockt
Democrat
(360) 786-7690
David.Frockt@leg.wa.gov
Senator Mark Mullet
Democrat
(360) 786-7608
mark.mullet@leg.wa.gov
Senator Sharon Brown
Republican
(360) 786-7614
Sharon.Brown@leg.wa.gov
Senator Lynda Wilson
Republican
(360) 786-7632
lynda.wilson@leg.wa.gov
Senator Perry Dozier
Republican
(360) 786-7630
Perry.Dozier@leg.wa.gov
Not voting:
Senator Doug Ericksen
Republican
(360) 786-7682
Doug.Ericksen@leg.wa.gov
Senator John Braun
Republican
(360) 786-7638
john.braun@leg.wa.gov
Senator Mona Das
Democrat
(360) 786-7692
DAS_MO@leg.wa.gov
Legislative Bill Information Website:
http://apps.leg.wa.gov/billinfo/
Initiative 960 Website: http://www.ofm.wa.gov/tax/default.asp