Oklahoma governor signs captive premium tax bill
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Oklahoma Gov. Kevin Stitt Tuesday signed into law a bill that sets out how premium taxes by captive insurers should be distributed.
H.B. 3864, which takes effect July 1, directs the state insurance commissioner to disburse 45% of the first $500,000 collected in captive premium taxes to the state’s general revenue fund, 36% to the Oklahoma firefighters fund, 14% to the state’s police pension and retirement system and 5% to the state’s law enforcement retirement fund.
All of the next $250,000 in premium tax revenues will go to the Oklahoma department of insurance’s revolving fund to be used to implement and administer the state’s captive insurance company act and any accompanying regulations, the bill states.
For premium taxes collected above $750,000, some 30% will go to the department of insurance’s revolving fund, while 36% will go to the state firefighters pension and retirement fund, 15% to the state’s general revenue fund, 14% to the state’s firefighters pension and retirement fund and 5% to the law enforcement retirement fund.
The new law maintains the maximum cap on yearly premium tax paid by captive insurers at $100,000.
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