Legal Developments
New Bill Introduced To Restore FHLB Membership for Captive Insurers
US senators have introduced a new bill, the Housing Opportunity Mortgage Expansion Act, to restore membership for captive insurers that were removed from the Federal Home Loan Bank (FHLB) system and also seek to continue membership for remaining captive insurers that are scheduled to be forced to exit the system. Read More
Expect Puerto Rico Captive Insurance Initiatives in 2018
According to the Puerto Rico International Insurers Association (PRIIA), the US territory's insurance and financial services sector continues to grow with minimal interruption in the aftermath of Hurricane Maria and despite ongoing budget challenges. PRIIA said Puerto Rico has a strong and bright future ahead for insurance opportunities, including captive insurance company formations. Read More
Avrahami Motion for Reconsideration: "No Such Luck"
On September 21, 2017, in a motion for reconsideration, the Avrahamis asked Judge Mark V. Holmes to reconsider his August 21, 2017, decision in "Avrahami v. Comm'r and Feedback Ins. Co., Ltd. v. Comm'r," 149 T.C. 7 (2017). Responding to the motion, the judge issued an order on November 14, 2017, that denied the motion. Read More
"Notice 2016-66 Remains Intact" as Court Dismisses CIC and Ryan Lawsuit
On November 2, 2017, just over 1 year to the day after the Internal Revenue Service (IRS) issued Notice 2016-66, Judge Travis R. McDonough dismissed the CIC Services, LLC, and Ryan, LLC, lawsuit that sought to enjoin the IRS from enforcing the notice. Read More
NAIC Insurance Data Security Model Law Adopted
On October 24, 2017, the National Association of Insurance Commissioners (NAIC) adopted the Insurance Data Security Model Law during a joint meeting of the Executive Committee and Plenary. Read More