Notice of Committee Passage for Second Substitute Senate Bill 5315

Office of Financial Management

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2SSB 5315, titled AN ACT Relating to captive insurance, has been passed by the House Committee on Finance. 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 Premium tax

Total

 

2022

$ 127,500

$0

$ 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:

Representative Frank Chopp
Democrat
(206) 905-6681
frank.chopp@leg.wa.gov

Representative Ed Orcutt
Republican
(360) 786-7990
Ed.Orcutt@leg.wa.gov

Representative Larry Springer
Democrat
(425) 947-8921
larry.springer@leg.wa.gov

Representative Tina Orwall
Democrat
(253) 656-5265
tina.orwall@leg.wa.gov

Representative Sharon Wylie
Democrat
(360) 786-7924
Sharon.Wylie@leg.wa.gov

Representative Brandon Vick
Republican
(564) 888-2271
brandon.vick@leg.wa.gov

Representative Noel Frame
Democrat
(206) 962-5098
noel.frame@leg.wa.gov

Representative Jeremie Dufault
Republican
(509) 728-9174
DUFAULT_JE@leg.wa.gov

Representative Melanie Morgan
Democrat
(360) 786-7906
MORGAN_ME@leg.wa.gov

Representative My-Linh Thai
Democrat
(206) 333-4107
THAI_MY@leg.wa.gov

Representative Amy Walen
Democrat
(425) 883-3366
WALEN_AM@leg.wa.gov

Representative Alex Ramel
Democrat
(360) 786-7970
alex.ramel@leg.wa.gov

Representative Rob Chase
Republican
(360) 786-7984
Rob.Chase@leg.wa.gov

Representative Kirsten Harris-Talley
Democrat
(206) 971-1222
Kirsten.Harris-Talley@leg.wa.gov

Representative April Berg
Democrat
(425) 939-8423
April.Berg@leg.wa.gov


The following legislators voted to refer the bill without recommendation:

Representative Drew Stokesbary
Republican
(253) 245-1963
drew.stokesbary@leg.wa.gov


Not voting:

Representative Jesse Young
Republican
(360) 786-7964
Jesse.Young@leg.wa.gov



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

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