Insurance guarantee association

From the 2024 DOR Tax Exemption Study

48.32.130 - Insurance guarantee association Description The Washington Insurance Guarantee Association (Association) is exempt from all fees and taxes levied by the state or its political subdivisions, except taxes levied on real or personal property. The Association protects policyholders from insolvent insurers. Insurance companies pay an assessment to the Association to provide funding for payments to any policyholders whose insurance company is unable to provide compensation under the terms of their policies. Purpose To protect insurance policyholders and reflect the fact that the receipt of assessments from insurance companies by the Association does not represent engaging in business. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes CTI CTI CTI CTI Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this exemption would increase revenues if the receipt of these exemption assessments were considered as engaging in business by the Association. Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 CTI CTI CTI Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions This exemption impacts fewer