Alaska Air's Captive Insurer Hit With $2.5M Sanction In Wash.
Law360 (September 9, 2019, 6:10 PM EDT) -- Washington state's insurance regulator has slapped Alaska Air Group's captive insurer with a $2.5 million sanction for allegedly operating without a license in the state and failing to pay taxes on collected premiums.
In an order issued Friday, Washington Insurance Commissioner Mike Kreidler announced the assessment against ASA Assurance Inc., which was formed by SeaTac, Washington-based Alaska Air Group to insure risks faced by the airline operator and its Alaska Airlines and Horizon Air subsidiaries.
Kreidler alleged in the filing that ASA failed to pay $1.8 million in taxes owed on $91 million in premiums the insurer collected on a series...
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