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 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.
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 enacted to appease the EU is undermining the business case for offshore captives, according to Mark Chudleigh, a partner at Kennedys in Bermuda.
Attorney Peter McDougall, a captives specialist, has been elected as the new president and treasurer of law firm Paul Frank + Collins (PF+C).
A growing number of companies falling foul of general data protection regulations (GDPR) highlights the need for comprehensive cyber coverage. It could also incentivise the formation of more captives, if cyber providers do not up the quality of their offerings, according to experts.
Guernsey, which styles itself as Europe's leading captive insurance market, is meeting current international standards in regulating its insurance industry, according to a report published by the International Association of Insurance Supervisors (IAIS).
The US government must renew the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA), due to expire on December 31 next year, according to Tarique Nageer, a property terrorism placement and advisory leader at Marsh.
Many captives are still paying over the odds for their collateral arrangements due to an inertia when it comes to exploring the use of captive collateral trusts instead of letters of credit (LoC). While more captives are starting to use the option, many captive owners and captive managers neglect the idea, often due to myths that do not stand up to scrutiny.