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SALEM, Ore.—Oregon Gov. John Kitzhaber last week signed into law a measure making the state the latest U.S. captive insurance domicile.
S.B. 1547 allows 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. It also 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 law requires captives to pay a $5,000 annual fee and permits the Department of Consumer and Business Services to raise the fee by rule or scale the fee on the basis of captives’ annual premiums.
The new law requires that the state examine Oregon captives every three years, and that captives licensed in Oregon hold at least one board meeting per year in the state.
The Oregon domicile becomes operational July 1.
BURLINGTON, Vt.—Vermont celebrated three decades as a captive domicile earlier this summer with a 30th anniversary celebration June 22 in Burlington.