17 April 2015Law & regulation

Montana approves two captive bills

Two captive bills, aimed at improving the state’s regulatory environment for captive insurance, have recently been signed by Montana Governor Steve Bullock.

The first bill, HB 536, authorises public sector entities in the state to establish captive insurance companies, while the second bill, HB 537, clarifies existing statutes to specify that captives can be set up as limited liability companies.

In conjunction with the office of Montana Commissioner of Securities and Insurance (CSI), the Montana Captive Insurance Association (MCIA) spearheaded a lobbying campaign that secured passage of both bills with minimal opposition.

“We are once again pleased to report to our membership and the larger captive insurance industry that MCIA has been successful in making meaningful improvements to what is already one of the country’s premier captive domiciles,” said association president John Jones. “We certainly could not have done this without the support of our members and from our regulator partners at CSI.”