News
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
Analysis
Aside from more complicated tax returns, Guernsey’s new economic substance requirements which apply to insurance companies - and by extension captives - are not seen as particularly burdensome. 11 April 2019
Analysis
Guernsey has satisfied the much-debated OECD BEPS substance requirements for captives operating there. Industry veteran and retired principal of Towers Watson, Hugh Rosenbaum, shares his views. 8 April 2019
Analysis
Cypress Insurance Company, the captive insurer of Microsoft Corporation, has been unsuccessful in its attempts to recoup $175m in losses relating to a fire at the SK Hynix manufacturing complex in Wuxi, China. The fire suspended the production of memory chips, which Microsoft had alleged impacted the 2013 launch of its video gaming console, the Xbox One. 4 April 2019
Accounting & tax analysis
Bermuda’s insurers—and, by extension, captive insurers—have until July 1 to satisfy the government’s new economic substance requirements, which have a considerably broad scope. Janine Carey, associate at Appleby, has the details. 29 March 2019
Law & regulation
The Insurance Managers Association of Cayman (IMAC) has welcomed the European Union (EU) report on non-cooperative tax jurisdictions, which does not feature the Cayman Islands. 14 March 2019
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