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IRS Withdraws Proposed Captive Tax Regulation Contact: Tonya Severance SIMPSONVILLE, SC (February 20, 2008) – The South Carolina Captive Insurance Association, Inc. (SCCIA) announced today that the IRS has withdrawn proposed regulations impacting certain captive insurance companies in the face of stiff industry opposition. “As the soon-to-be second largest domestic captive insurance domicile, we were very proud that our association took such a strong leadership position on this very important issue and are obviously pleased with the outcome” said SCCIA President Roy Hutchison. SCCIA has been actively engaged on this issue since the proposed regulations were published on September 28. These efforts have included meetings with key members of Congress and the filling of written comments in response to the proposed regulations.
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