Committee trims SB890: moratorium removed, MIA ordered to study captive insurance
SB890’s committee amendments removed a proposed moratorium on an insurance premium receipts tax for captive insurance used by nonprofits and instead require a Maryland Insurance Administration study with an accelerated deadline; the bill moved favorable as amended, with at least one recorded opposition.
The full story
The Ways and Means Committee on April 9 amended Senate Bill 890 to remove a proposed two‑year moratorium on collecting the insurance premium receipts tax on certain captive insurance procured by nonprofit entities and to instead require the Maryland Insurance Administration (MIA) to study the use, regulation and taxation of captive insurance companies. Del. Polakovich Carr presented the amendment, describing the change and the shift from moratorium to study.
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