News

Accounting & tax analysis

IRS to make a second settlement offer to selected microcaptive owners

The Internal Revenue Service (IRS) has made  a second time-limited settlement offer to certain taxpayers under audit who it believes participated in abusive microcaptive insurance transactions.   23 October 2020

Cayman analysis

Deadline extended for the Captive International Cayman Awards

The deadline for voting in the Captive International Cayman Awards has been extended by a week.   22 October 2020

Actuarial & underwriting

CFSIC suspends payments for crumbling foundations until July 2021 due to lack of cash

The Connecticut Foundations Solutions Indemnity Company (CFSIC) will not provide any more participation agreements to support further work on crumbling foundations until at least July 2021, CFSIC has said.   22 October 2020

Executive Appointments

VCIA appoints Stephanie Mapes as board chair

The Vermont Captive Insurance Association (VCIA) has named Stephanie Mapes, director of the Burlington-based law firm Paul Frank + Collins, as its new board chair.   22 October 2020

Feasibility studies analysis

Addressing rising medical costs with a captive

Having a captive has been transformational for GSK’s health and wellbeing strategy, allowing it to redirect medical spend to the most appropriate areas through data-driven targeted intervention, says the firm’s Anthony Tropea.   22 October 2020

Law & regulation

Utah instigates process to allow for a state captive insurance company

The Business and Labour Committee for the State of Utah has unanimously approved a motion to introduce a bill that will allow the state to operate its own captive insurance company.   21 October 2020

Law & regulation

Anguilla and Barbados added to EU blacklist

The European Council had added Anguilla and Barbados to the EU “blacklist” of non-cooperative jurisdictions for tax purposes.   20 October 2020

USA analysis

Enstar completes the first insurance business transfer seen in the US

Enstar Group has completed the first insurance business transfer (IBT) to occur in the US.   19 October 2020

Accounting & tax analysis

US Tax Court rules IRS microcaptive penalties void on technical grounds

The US Tax Court has ruled in favour of Jesus Oropeza, the shareholder of a microcaptive called FIRM, in a case against the Internal Revenue Service, ruling that penalties imposed by the IRS were made improperly and do not stand.   16 October 2020

article

TDCI promotes Jonathan Habart to captive insurance section assistant director

The Tennessee Department of Commerce and Insurance (TDCI) has named Jonathan Habart as its new captive insurance section assistant director.   16 October 2020

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