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IRS Withdraws Proposed Regulations Impacting Captives Contact: David Kirby WASHINGTON, D.C. – The Self-Insurance Institute of America, Inc. (SIIA) today learned that the Internal Revenue Service has withdrawn proposed regulations impacting certain captive insurance companies. This withdrawal has come in response to intense opposition from the ART industry, including a focused lobbying effort spearheaded by SIIA. Since the proposed regulations were published on September 28, SIIA’s elected leadership and professional lobbyists presented the industry’s case to members of Congress, congressional staff and high level officials from the Department of Treasury and Internal Revenue Service. Highlighting SIIA’s efforts were two very positive meetings: one with Senator Max Baucus (D-MT), Chairman of the Senate Finance Committee that has jurisdiction over this issue, and another with top officials of the IRS and Department of Treasury “This is a big win for SIIA and the industry” said SIIA President Dick Goff. “It does, however, underscore the need for the industry to have a strong voice in Washington, DC, which our association continues to provide.” SIIA is a national trade association representing companies involved in the self-insurance and alternative risk transfer industry. Additional information about the association can be accessed on-line at www.siia.org, or by calling 800/851-7789. ### |
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