Washington Insurance Commissioner Mike Kreidler has issued a cease-and-desist order against Microsoft Corp. to stop using its Arizona-domiciled captive, Cypress Insurance Co., the Insurance Journal reported.
Kreidler alleges that Microsoft had been writing insurance policies through Cypress Insurance without holding a certificate of authority. The company also does not have the state's surplus line broker license and failed to timely remit a 2% premium tax on earned premiums.
According to the order, between 2013 and 2018, Cypress collected approximately $71.1 million in premium from Microsoft.
