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Committee hears proposal to remove $100,000 premium tax cap for certain captives
Summary
Senate Bill 60 would eliminate a $100,000 premium tax cap for series business unit captive insurance structures to align tax treatment with protected cell companies; the state auditor's office and industry representatives supported the change, saying it currently affects one company and would avoid inequitable tax treatment.
Senate Bill 60, introduced at the request of the state auditor, would remove a $100,000 premium tax cap applied to certain captive insurance entities known as series business unit structures. Sponsor Sen. Mark Noland said the change aligns premium taxation for series structures with protected cell company (PCC) structures and avoids potential legal…
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