The IRS’ targeting of captive insurance companies has left companies more vulnerable to the economic ravages of COVID-19, according to CIC Services.
The State of Connecticut Insurance Department (SCID) will help accounting firms in the state to expand their presence in the captive insurance market.
The IRS is spreading fear, uncertainty and doubt about the captive industry in an effort to increase its own revenues, according to Sean King, principal of CIC Services.
Participants in high deductible health plans (HDHPs) will maintain eligibility to health savings accounts (HSA) even if testing or treatment for coronavirus is provided before their deductible is met.
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.
Accountancy and advisory firm Carr, Riggs and Ingram (CRI) has expanded its presence in Mississippi via a merger with WM. F. Horne and Company.
Pinnacle Actuarial Resources has promoted Nicholas Gurgone to consulting actuary.
Many large companies are looking to better leverage their captives to avoid “unbudgeted” rate hikes on their traditional insurance programmes, John English, CEO, captive and insurance management, Aon, told Captive International.
A hardening market has prompted many companies to explore ways of leveraging their captive to help dodge or at least offset some of the rate increases, according to Jason Flaxbeard, executive managing director, captive management and consulting, Beecher Carlson.