Bermuda’s insurers - and by extension captive insurers - have until July 1 to meet the government’s new economic substance requirements, although much of the industry is confident captives are in a good position to satisfy these requirements and that the impact of the legislation will be minor.
The UK’s HM Revenue and Customs is undertaking a call for evidence to better understand how the administration and collection of Insurance Premium Tax (IPT) can be made more efficient for both business and HMRC. It also wants to identify unfair tax outcomes so these can be addressed.
Roundstone, a US provider of self-funded group captive health insurance, recently distributed over $5m to US business owners currently enrolled in one of its group medical captives.
Captives can help employers attract and retain staff in an increasingly competitive market for talent, according to a Maxis Global Benefits Network report.
Fairtide Insurance, Iboba Insurance, Pitts Bay Insurance Company and Trimark Insurance have been admitted to Bermuda's Captive Hall of Fame.
Airmic has partnered with Aon to publish a practical guide for independent non-executive directors (iNEDs) on captive boards.
The fourth Fred Reiss Lifetime Achievement Award, named after captive pioneer Frederic Reiss, will be presented to Jeremy Cox, executive chair of the Bermuda Monetary Authority (BMA) at the upcoming Bermuda Captive Conference on June 11.
The Internal Revenue Service (IRS) had planned to use tape recordings of an undercover agent looking to form an 831(b) captive with Tribeca Strategic Advisors - now part of Artex Risk Solutions - in order to support its argument that a captive in a recent lawsuit lacked economic substance.
The North Carolina Captive Insurance Association has named three new members to its board of directors.
Labuan International Business and Financial Centre recorded growth of 11 percent in its captive insurance business in 2018, taking it to $400.5m in total assets, according to Farah Jaafar-Crossby, CEO of Labuan IBFC.