Hawaii Gov. Ben Cayetano has signed into law a bill on captive insurance that makes Hawaii’s premium tax structure more equitable for captive insurers, while maintaining an adequate fund base for the ongoing monitoring, regulation, and development activities of the Captive Insurance Branch.
S.B. 2582 (Act 206) increases the minimum allocation to the Captive Insurance Administrative Fund from $250,000 to $1.5 million, eliminating the premium tax rate differential between pure captives and other captives, and establishing a declining premium tax rate schedule for all classes of captives.
The law will become effective Jan. 1, 2003.
Was this article valuable?
Here are more articles you may enjoy.
Fisherman Killed by 12-Foot Alligator at Central Florida Lake 
Storm Austen Will Be Stronger Than Forecast Along UK Coasts 
All in the Family: Husband, Wife and Daughter Indicted for Insurance Fraud and Bribery 
EU Cyber Agency Warns Websites May Go Dark as PHP Prepares Critical Fix 
