The US Internal Revenue Service (IRS) has added microcaptives to its Dirty Dozen list of common scams that it claims that US taxpayers may encounter.
Peter Mullen has rejoined alternative risk management company Artex as chief executive officer, with David McManus taking up the new role of chairman.
Steve McElhiney, president of Tall Pines Insurance Company/CEO and chairman, EWI Re, has been elected chair of the board of directors of the Captive Insurance Companies Association (CICA).
Industry groups on Bermuda including the Bermuda Insurance Management Association (BIMA) have pledged their support to efforts by the Bermuda government to get the country removed from the European Union’s so-called blacklist list of "non-cooperative" jurisdictions as quickly as possible.
David Burt, the Premier of Bermuda, has accepted responsibility for what appears to have been a case of human error when draft regulations were being edited that resulted in the country being blacklisted by the European Union.
The Insurance Managers Association of Cayman (IMAC) has welcomed the European Union (EU) report on non-cooperative tax jurisdictions, which does not feature the Cayman Islands.
Self-procurement taxes are by no means a new thing, but there may be a lot more attention in the captive insurance industry due to aggressive enforcement actions, most notably involving Washington State and Microsoft’s captive, Cypress Insurance Company.
Association Health Plans (AHPs) have been of significant interest to the captive insurance industry but have not taken off due to the US Department of Labour’s final rule disincentivising their use due to conflicts at a state and federal level.
The Secure and Fair Enforcement Banking Act (SAFE Banking Act), which was recently reintroduced in US Congress in March, may eliminate barriers at a federal level and create new opportunities for the captive insurance industry, specifically in relation to managing risks associated with the cannabis industry.
Butler University, the university known for setting up the world’s first student-run captive, has said that the captive will look at expanding its coverage over the next few years, and has third party coverage in the pipeline, professor Kevin Thompson told Captive International.