CICA considering its next move, backs Microsoft’s legal arguments
From: Captive Review, August 30, 2018
The Captive Insurance Companies Association (CICA) is “exploring all options” in light of Cypress Insurance Company’s settlement with Washington’s Office of the Insurance Commissioner (OIC).
Captive Review reported earlier this month that Insurance Commissioner Mike Kreidler had announced a settlement with the Microsoft-owned captive for $573,905 in unpaid premium taxes and $302,915 in interest and penalties.
Kreidler added that as of 1 July Cypress was now obtaining new policies through a surplus lines broker, which is licensed to pay premium taxes, bringing it into compliance with state law. Kreidler also said his office would be examining closely other captive programmes insuring risk in his state.