The Washington State Office of the Insurance Commissioner (OIC) has fined Maple Shade Assurance US$5,000 for operating as a captive insurer in the state without registration.
The company, based in Nashville, Tennessee, was issued Order 25-0041 after the OIC found it had conducted insurance business in Washington without being authorised under state law.
Under Washington regulations, insurers — including captives — must register with the OIC before covering risks or policyholders in the state, regardless of where the company is domiciled.
The fine is part of the OIC’s ongoing efforts to address insurance activity that falls outside regulatory oversight. Captive insurers that intend to operate in Washington are expected to meet registration obligations to avoid penalties.
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