It relates to Notice 2016-66 that forces some captives owners to report tax details to the IRS.
While the penalty is lower in the Oropeza case, this is an exception.
It addresses specific concerns the captive insurance industry has around recent actions by the IRS.
The Guernsey International Insurance Association (GIIA) has signed up to the United Nations’ Principles for Sustainable Insurance (PSI) initiative, as part of its commitment to the development of green and sustainable finance.
The Tennessee Department of Commerce and Insurance (TDCI) has named Belinda Fortman as its new captive insurance section director.
The Guernsey Financial Services Commission (GFSC) has simplified the application process for managing general agents (MGA) wanting to operate in Guernsey.
Vermont Governor Phil Scott has signed new legislation that strengthens the state's captive insurance laws.
The US has introduced the Pandemic Risk Insurance Act of 2020 to create a government-backstopped pandemic risk reinsurance programme (PRRP).
The Insurance Information Institute (Triple-I) has launched the Future of American Insurance & Reinsurance (FAIR) campaign to defend the re/insurance industry’s ability to manage risk on behalf of its clients.
The Supreme Court of the US has agreed to hear CIC Services’ case against the Internal Revenue Service (IRS), in what CIC described as “a major victory today for taxpayers and those opposing administrative state overreach.”