Oregon to Impose New Tax on Non-Admitted Wet Marine & Transportation Policies

OR| On November 1, 2019, The Oregon Division of Financial Regulation sent notification via email of the 2019 passing of House Bill 2787 which will take effect January 1, 2020.

This new law will impose a 0.075% tax on the gross premium amounts on all Wet Marine & Transportation insurance policies placed with non-admitted insurers if the insured’s home state is Oregon.

e tax applies to policies issued or renewed on or after January 1, 2020. It is the responsibility of the insurance producer to collect, file and pay the tax within 90 days of the effective date of the policy or premium bearing endorsement. The filing and payment of the tax must be done through the Oregon Surplus Line Association —  information will be updated soon on their website at http://www.oregonsla.org.

The Surplus Line Association has the authority to charge a service charge for each policy or premium bearing endorsement filed. Details related to the service charge will be available on their website.

Details relating to the law can be found in the text of the enrolled bill: https://olis.leg.state.or.us/liz/2019R1/Downloads/MeasureDocument/HB2787/Enrolled

Oregon Division of Financial Regulation – Government Delivery Public Email – November 1, 2019

For more information, contact the Oregon Surplus Line Association at info@oregonsla.org or call 503.718.6700.