News
Analysis
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. 10 June 2019
Analysis
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. 7 June 2019
Accounting & tax analysis
Just 10 days before the scheduled trial in the US Tax Court, the taxpayers conceded the remaining issues in Pilot Series of Fortress Insurance et al v Commissioner. The pretrial pleadings highlighted many of the key questions that remain open in litigation over the tax treatment of captive insurance transactions. Those questions—and the parties’ efforts to answer them—provide a roadmap of what to expect as additional cases move toward trial. Jenny Johnson Ware, founding partner of tax litigation boutique Johnson Moore, analyses those key questions and what we can learn from them—despite the fact that the Tax Court will not be providing any answers. 7 June 2019
Analysis
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. 7 June 2019
Analysis
Captives can help employers attract and retain staff in an increasingly competitive market for talent, according to a Maxis Global Benefits Network report. 5 June 2019
Analysis
Fairtide Insurance, Iboba Insurance, Pitts Bay Insurance Company and Trimark Insurance have been admitted to Bermuda's Captive Hall of Fame. 5 June 2019
Analysis
Airmic has partnered with Aon to publish a practical guide for independent non-executive directors (iNEDs) on captive boards. 4 June 2019
Analysis
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. 4 June 2019
Accounting & tax analysis
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. 3 June 2019
Analysis
The North Carolina Captive Insurance Association has named three new members to its board of directors. 3 June 2019
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