Oregon Joins Ranks of Domiciles for Captive Insurers.
March 14, 2012 (Salem, Oregon) Governor Kitzhaber signed legislation today that goes into effect July 1, 2012 positioning Oregon as the newest and one of the most economically efficient homes for captive insurers. The new law will allow:
- Pure Captives
- Branch Captive
- Agency Captives
- Association Captives
The Oregon Department of Insurance will be staffed immediately to efficiently handle new applications and re-domestications. Captive insurers will be subject to a $5,000 licensing fee and a $5,000 annual fee in subsequent years.
Oregon’s law was written to closely parallel Utah’s and guided through the legislature by Robert Kabacey of Kell, Alterman & Runstein, Todd Hennelly of Empire Pacific Risk Management, Gay Hargis also of Empire Pacific Risk Management and members of the Oregon Insurance Division.