The Montana Captive Insurance Association, Inc. (MCIA) said that a measure passed by the legislature that eases requirements for captive operations should strengthen the state's position as a captive domicile.
HB160 awaiting the signature of Gov. Brian Schweitzer, was given final approval by the House March 9 on a 47-1 vote. MCIA said they expect Mr. Schweitzer to sign it before the end of the month.
Under the new law, Montana-licensed captives will be able write surety and marine insurance. The maximum premium tax remains capped at $100,000 per year, with a pro-rated payment schedule now applicable for first year captive insurance companies subject to the minimum tax to help reduce front-end organizational costs.
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