Facebook logo
Facebook logo
Facebook logo
Facebook logo

Latest Headlines

Captive Insurance Times home | A bright future for micro captives ← You are here

[close]
Latest News
Guernsey must pay attention to UK’s ILS push, says McLaughlin
27 March 2017 | St Peter Port
Guernsey should take the UK ‘seriously’ as it sets up an insurance-linked securities (ILS) regime in London, according to Stewart McLaughlin, executive director at Aon Risk Solutions Read more

Grant Thornton Cayman founding partner retires
27 March 2017 | Cayman Islands
Grant Thornton’s Terry Carson has retired, stepping down from his role as founding partner Read more

For more news visit our news section

Upcoming events
PARIMA MANILA 2017
Date: 28 March 2017
Location: SHANGRI LA at THE FORT Taguig, Metro Manila
Find out more

Captives & Corporate Insurance Strategies Summit
Date: 05 - 06 June 2017
Location: Canada
Find out more

For more events visit our event section
Industry recruitment
There are currently no jobs available
For more jobs visit our recruitment section
Captive Insurance Times
View the latest issues online now

Sister publications
Securities Lending Times
http://captiveinsurancetimes.com

Asset Servicing Times
www.assetservicingtimes.com

Real Estate Investment Times
www.realestateinvestmenttimes.com

Media pack [download]
Ad specs [download]
Latest features
Can a captive $ave us from ourselves?
Feature: With a solid enterprise risk management strategy, a captive can increase in value and reputation, says Michael Zuckerman of Temple University 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

Ciaran Healy :: Willis Towers Watson
Interview: Although it’s typically viewed as a defensive move, BEPS could mean positive things for captives, says Ciaran Healy of Willis Towers Watson Read more

For more features visit our features section
Latest news
More news
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.”



Guernsey must pay attention to UK’s ILS push, says McLaughlin
Guernsey should take the UK ‘seriously’ as it sets up an insurance-linked securities (ILS) regim Read more

Grant Thornton Cayman founding partner retires
Grant Thornton’s Terry Carson has retired, stepping down from his role as founding partner Read more

Drinker Biddle hires insurance pro in California
Dan Brown is based in the firm’s San Francisco office. He was previously a partner at Dentons wher Read more

Christina Kindstedt joins Advantage Insurance
Advantage Insurance has appointed Christina Kindstedt as senior vice president Read more

Delaware to allow captives to go dormant
Arkansas and Montana introduced legislation proposing a dormant status for captives last month Read more

Captive Insurance Times site map
Home
Home

Sitemap

Issue archive
Back issues online
Recruitment
Recruitment
Events andtraining
Upcoming events

Upcoming training

Company info
About us

Contact us


Copyright (C) 2013 Black Knight Media Ltd. All rights reserved. No reproduction without prior authorization