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SALEM, Ore.—A measure that would allow the formation of captive insurance companies in Oregon is advancing through the state’s Senate.
S.B. 1547 was approved by the Oregon Senate’s Business, Transportation and Economic Development Committee and is awaiting consideration by the full Senate. It would allow the formation of single-parent captives, association captives, branch captives and captive reinsurers in Oregon.
The measure sets minimum capital and surplus requirements of $250,000 for single-parent captives, $750,000 for association captives and $300 million for captive reinsurers, and allows the director of the state’s Department of Consumer and Business Services to require that any captive maintain higher capital and surplus levels if deemed necessary.
In place of premium taxes, the bill would require captives to pay a $5,000 annual fee and would permit the Department of Consumer and Business Services to raise the fee by rule or scale the fee on the basis of captives’ annual premiums.
If passed, the Oregon captive law would take effect July 1.