News
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
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
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. 3 June 2019
Analysis
The number of captives managed by Marsh actively underwriting one or more insurance programmes that access the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) increased 10 percent to 182 in 2018. 23 May 2019
Analysis
The Economic & Financial Affairs Council (ECOFIN) in Brussels has removed Bermuda, Barbados and Aruba from the list of non-cooperative tax jurisdictions, the so called EU 'blacklist'. 17 May 2019
Analysis
It is possible Bermuda will be removed from the European Union's list of non-cooperative jurisdictions in tax matters - also known as the blacklist - at a meeting of EU finance ministers (ECOFIN) on May 17. 15 May 2019
Accounting & tax analysis
Could high-profile settlements with the State of Washington lead to more captive domiciles following a similar path? Or will they adopt a more pro-business stance, like North Carolina? Pete Kranz, executive managing director and captive practice leader of Beecher Carlson, provides some key considerations on where to domicile a captive. 15 May 2019
Analysis
North Carolina’s proposed legislation amendment that would temporarily exempt captive insurers redomesticating to the state from premium taxes - also known as the ‘premium tax holiday’ - has been delayed. 3 May 2019
Analysis
The Cayman Islands Monetary Authority (CIMA) has issued 13 new captive re/insurance licenses in the first quarter of 2019, and a further three to-date. 24 April 2019
Analysis
Vermont Governor Phil Scott has signed into law a bill to tidy up and modernise parts of its captive insurance law as it enters its 2019 legislative session. 24 April 2019
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