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Exclusive: NCCIA weighs in as 1 May looms
21 April 2017 | Southern Pines
The NCCIA has filed a third-party observation in support of a lawsuit in federal court seeking a temporary injunction to stop the IRS from implementing Notice 2106-66 Read more

A.M. Best affirms National Grid captive
21 April 2017 | London
A.M. Best has affirmed the financial strength rating of “A (Excellent)” and the long-term issuer credit rating of “a” for the National Grid Insurance Company (NGICL), a captive of National Grid Read more

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Latest features
Cyber security regulations: The shape of things to come for captives?
Feature: In an environment of technological threats, cyber security is moving up the captive agenda, say EY Bermuda’s Daniel Message, Kerr Kennedy and Chris Maiato Read more

Cook Islands
Country profile: In an era of increasing uncertainty, Tamatoa Jonassen suggests that the Cook Islands can be a bridge to financial security in a captive Read more

Lisl Lewis :: London & Capital
Interview: Although ICC legislation was implemented in Barbados last year, SCCs are still leading the way, according to Lisl Lewis of London & Capital Read more

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A bright future for micro captives
15 March 2017 | San Diego | Reporter: Becky Butcher
Captive insurance professionals launched a staunch defence of 831(b) insurers at the Captive Insurance Companies Association (CICA) International Conference in light of the US Internal Revenue Service’s (IRS) renewed interest in them.

Dana Sheridan, general counsel and chief compliance officer of Active Captive Management, said that small- and medium-sized entities are having a hard time of it right now simply because there is a misperception in Washington DC about the captive industry.

Sheridan said: “The IRS admits in Notice 2016-66 that they don’t actually know who the bad ones are, and they list stuff that they think is bad and request to hear from everyone required.”

Released in November 2016, Notice 2016-66 formally labelled 831(b) captives as ‘transactions of interest’. The IRS required them to report to the federal agency by 30 January 2017 due to their potential for tax avoidance or evasion. That deadline was subsequently pushed back to May.

The IRS has long been worried that captive arrangements such as those that elect to be taxed under Section 831(b) are fronts for tax avoidance or evasion. The IRS named micro captives in its annual ‘Dirty Dozen’ tax scam list in February, for the third year in a row.

Jeffrey Simpson, director at law firm Gordon, Fournaris & Mammarella, suggested that the captive insurance industry needs one or two examples for guidance and to provide standards before it can readjust.

He said: “If there is anything that we as an industry need to do differently, we will do that accordingly, and if the IRS needs to adjust, they will do that. I think there is a bright future for 831(b) captives.”



Exclusive: NCCIA weighs in as 1 May looms
The NCCIA has filed a third-party observation in support of a lawsuit in federal court seeking a tem Read more

A.M. Best affirms National Grid captive
A.M. Best has affirmed the financial strength rating of “A (Excellent)” and the long-term issuer Read more

Cat losses estimated at $8.1 billion so far, says Macquarie
Macquarie Research’s catastrophe loss model estimates that losses for Q1 2017 currently stand at $ Read more

R&Q more than triples pre-tax profits in 2016
Randall & Quilter, the Bermuda-based non-life insurance investor, saw its year-end profits triple fo Read more

Capital supporting reinsurance continues to grow
Aggregate shareholders’ funds for companies making up the Willis Re index increased by 4 percent t Read more

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