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.
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.
The Government of Barbados’ overhaul of its insurance law is expected to give the domicile a competitive advantage and enhance its international reputation, according to Kenneth Campbell, director, investment promotion, at Invest Barbados.
Against a backdrop of increased scrutiny, high-profile tax court cases, and regulatory overreach by home state regulators, the captive industry continues to be misunderstood, according to Dan Towle, president of the Captive Insurance Companies Association (CICA).
Lockton has formed a new reinsurance business and hired three senior executives from Guy Carpenter and Marsh, including the former leader of Marsh Captive Solutions, Nick Durant.
Michigan State University (MSU) had set up a captive insurance company following its former primary insurer, United Educators, introducing “onerous” new terms after allegedly failing to provide general liability insurance coverage for lawsuits and claims arising from the Larry Nassar sex abuse scandal.
North Carolina has introduced a new bill aimed at attracting redomestications of captive insurance companies back to the state through a "premium tax holiday".
Insurance broker Marsh has appointed Robert Bauer to lead its US sharing economy and mobility practice.
Ride-sharing company Lyft has outlined details of its wholly-owned captive insurance subsidiary in an SEC filing.
Rising geopolitical and geo-economic tensions are leading to increased uncertainty and risk for multinationals with direct foreign investments, which in turn provides opportunity for political and trade credit insurance, and by extension captive insurance.