The government of Barbados has announced a number of legislative measures as it moves toward tax convergence of the country's international and domestic business sectors. Captive insurers will maintain zero taxation.
A new RIMS report, titled "Top Six Legal Developments of 2018," highlights the most significant legal decisions of 2018 and explores their relevance to the risk management community.
The National Association of Insurance Commissioners (NAIC) held its 2018 Summer National Meeting August 4-7 in Boston, Massachusetts. A noteworthy matter of interest was the NAIC's continued work related to the US-EU covered agreement.
P. Bruce Wright and Saren Goldner extract the salient features of the US Tax Court's denial (without comment) of the taxpayer's motion for reconsideration in the "Reserve Mechanical" case. In order to seek any further relief, the taxpayer will need to appeal the case.
A new legislative effort is being launched to expand the coverages that Risk Retention Group (RRG) can offer to their policyholders, but that drive has yet to garner broad congressional support. Under the current expansion proposal, H.R. 6292, RRGs could, if certain conditions were met, also offer property coverage.