Captive insurers

This bill amends RCW 82.04.320 , which exempts insurers from the business and occupation (B&O) tax on their insurance business upon which they pay a premiums tax to the state, as follows:

Provides that for periods before May 12, 2021, the effective date of this bill, captive insurers are deemed to have paid the premiums tax with regard to their insurance business.

Exempts from B&O tax eligible captive insurers affiliated with a public institution of higher education and that are exempt from premiums tax.

Effective May 12, 2021 ( 2SSB 5315 , Chapter 281, Laws of 2021).