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Cannasure eyes expansion with product development hire
Cannasure Insurance Services, an insurance MGA and wholesale broker for the cannabis and hemp industries, has hired Summer Jenkins as senior product development manager.
CIC petitions US Supreme Court over IRS Notice 2016-66
CIC Services, a Tennessee-based captive manager, has petitioned the Supreme Court of the United States to hear its lawsuit against the IRS regarding IRS Notice 2016-66.
Cowbell Cyber unveils AI-based cyber platform for small businesses
Cowbell Cyber, a startup that uses artificial intelligence to deliver cyber insurance to small to mid-sized businesses, has launched Cowbell Prime 100, allowing insurance agents to issue bespoke cyber policies with limits of up to $5 million.
Fiji considers allowing captive insurance frameworks
Fiji is considering allowing captive insurance frameworks to operate in its market, according to Ariff Ali, the governor of the Reserve Bank of Fiji (RBF).
Amice calls for proportionate application of Solvency II for smaller insurers
The Association of Mutual Insurers and Insurance Cooperatives in Europe (Amice) has called for more effective use of proportionality in the application of Solvency II rules.
IRS confirms CFSIC payments not considered income
The Internal Revenue Service (IRS) has confirmed that the Connecticut Foundation Solutions Indemnity Company (CFSIC) is not required to issue federal tax form 1099s, used to declare miscellaneous income, to homeowners it has assisted in repairing their crumbling foundations.
Bahamas-based captive banned from doing business in Washington
The insurance commissioner for the State of Washington has issued a cease and desist order to 2A Insurance, a captive insurance company, preventing it from engaging in any insurance-related activities in the state.
CIC vows to take IRS battle to the Supreme Court
CIC Services has warned the Internal Revenue Service that its battle against the tax authority’s “abuse of law-abiding taxpayers is not over,” vowing to take its case all the way to the Supreme Court.
US Court of Appeals declines to review CIC case against IRS
The US Court of Appeals for the Sixth Circuit has declined to review the case of CIC Services versus the Internal Revenue Service (IRS), which was found in favour of the IRS in 2017.
Economic substance regulation could spell trouble for offshore captives
Economic substance regulation enacted to appease the EU is undermining the business case for offshore captives, according to Mark Chudleigh, a partner at Kennedys in Bermuda.
