SENATE BILL 890 CAPTIVE INSURERS - PREMIUM RECEIPTS TAX STUDY

The Maryland Insurance Administration (MIA) is seeking a study on the use, regulation, and taxation of captive insurance companies by entities in the State, as mandated by new legislation. The selected vendor will be required to submit a final report detailing its findings and recommendations to the Governor, the Senate Finance Committee, and the House Health Committee by January 1, 2027. The scope of work may include researching and analyzing the current state of captive insurance companies, consulting with relevant stakeholders, and providing recommendations for future regulation and taxation. • The study should cover the use, regulation, and taxation of captive insurance companies in Maryland. • The vendor should consult with relevant stakeholders, including insurance companies and regulatory bodies. • The final report should include recommendations for future regulation and taxation of captive insurance companies. • The report should be submitted to the Governor, the Senate Finance Committee, and the House Health Committee by January 1, 2027.