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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
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Exclusive: NCCIA weighs in as 1 May looms
21 April 2017 | Southern Pines | Reporter: Becky Butcher
The North Carolina Captive Insurance Association (NCCIA) has filed a third-party observation in support of a lawsuit in federal court seeking a temporary injunction to stop the Internal Revenue Service (IRS) from implementing Notice 2106-66.

The third-party observation, prepared by attorneys of Womble, Carlyle, Sandridge & Rice, supports the litigation now pending in the US District Court for Eastern District of Tennessee.

CIC Services, a captive manager, filed the lawsuit against the IRS and the US Treasury. The 1 May deadline for micro captives to report to the IRS is rapidly approaching.

Thomas Adams, president and CEO of the NCCIA, said the brief argues that Notice 2016-66, which requires micro captives to provide substantial reports on their activity to the IRS, imposes a heavy burden on the public with little or no benefit to the IRS.

The notice, if not enjoined, will cause irreparable harm to the captive insurance industry and its stakeholders, as well as causing damage to the economic and regulatory interests of North Carolina, according to the brief.

Tennessee Judge Travis McDonough has already conducted a hearing and a ruling is expected soon.

The IRS has argued that Congress has given it the authority to issue this kind of notice.

The US government has also argued the lawsuit is barred by the Anti-Injunction Act, which precludes actions against the government seeking to bar the assessment and collection of taxes.

Adams noted that an appeal from either party to the US Court of Appeals for the Sixth Circuit is likely, whatever the result.

He added: “The North Carolina Captive Insurance Association is committed to the responsible growth of captives not only in our domicile but throughout the US. We see the filing of this friend of the court brief as yet another example of that on going effort and for North Carolina to be seen as a leader among domiciles.”



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

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Macquarie Research’s catastrophe loss model estimates that losses for Q1 2017 currently stand at $ Read more

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