Offshore micro captive insurance products were listed as a potential “abusive tax scheme” in a study by the US Government Accountability Office
Firming commercial insurance prices and impacts from the ongoing COVID-19 pandemic could present opportunities for the US captive insurance segment to increase its footprint in several lines of business, according to a new A.M. Best report
The Internal Revenue Service has petitioned the US District Court for the District of Delaware against the Delaware Department of Insurance to enforce a summons for documents related to its micro captive investigation
SIIA has written a letter in response to Executive Order 13924, asking for the treasury and office of management and budget to direct the IRS to more appropriately define captive guidance while more efficiently and cost-effectively collecting the app
The IRS “made no friends” in the industry or congress by sending letters taxpayers seeking information about their participation in micro-captive insurance transactions after the US declared a national emergency, according to Sean King of CIC Service
VCIA president Rich Smith said: “The letter’s intimidating and draconian questioning regarding the legitimacy of the small company insurance industry is insensitive at best”
The Internal Revenue Service has extended the deadline for the micro-captive insurance filing positions from 4 May to 4 June 2020 due to the current COVID-19 pandemic
Despite parts of the captive industry being maligned by the IRS, Ryan Work, vice president of government relations for the Self-Insurance Institute of America, argued that captives are now playing a critical role to help businesses survive the COVID-
Matthew Reddington, partner at ZMFF&J Law, sheds light on the first victory of a micro-captive against the IRS in court, after the federal agency failed to show that the captive management firm RMC Group was liable for Section 6700 penalties
Scott Simmons, director of Verve Risk Services, and Michael Maglaras, president of Michael Maglaras & Company, shine a light on abuse in the captives industry through the use of 831(b) of the Internal Revenue Code and how firms can protect themselves
As a key emerging market tapped by captives, how does the cannabis industry address risk and insurance in the face of misconceptions and a challenging federal mandate in the US?
Anne Marie Towle, Adrien Collovray and Courtney Claflin provide an overview of the current captive market, challenges that have carried over into 2022, and what’s on the horizon
Scott Simmons, director of Verve Risk Services, discusses the key decisions and oversight duties of captive insurance boards to help minimise D&O exposure risks. He highlights proper governance, planning, due diligence and accountability measures as imperative for directors
Stephen Taylor talks to Frances Jones about his role and his ambitions for the Delaware captive programme
Kerr Russell’s Eric Lark explains that due to a number of factors group captives continue to flourish
Debbie Walker of NCDOI explains why ongoing regulation of licensed captive insurance companies is the domicile’s primary focus
Travis Wegkamp of Utah Insurance Department explains that the state is seeing larger companies move to the state with more robust risk management programmes, higher premium volume, and a long-term outlook for the use of their captive
Experts discuss the state of play throughout the world’s biggest captive market
Guernsey, the Isle of Man and Jersey are working harder than ever to promote themselves as the go-to jurisdiction and capitalise on new opportunities
Although Puerto Rico may be the new kid on the block, Ruben Gely of MCH Advisors reveals that it is gaining popularity
