Legal Developments
New Law Further Improves Montana Captive Insurance Regulations
Montana captive insurance regulations get a boost as Governor Steve Bullock signs into law Senate Bill 245. Read More
Immediate Halt of Requirement To Disclose 831(b) Transactions of Interest Denied by Court
On March 27, CIC Services, LLC, and Ryan, LLC, filed suit against the IRS in US District Court for the Eastern District of Tennessee, seeking injunctive relief by setting aside IRS Notice 2016-66, as modified by IRS Notice 2017-06. On April 21, the court issued an order on CIC's and Ryan's motion for preliminary injunction, denying their request to immediately halt the IRS from enforcing its rule. Read More
Texas House Insurance Committee Advances Bill Improving Texas Captive Insurance Law
On April 18, the Texas House Insurance Committee approved legislation making improvements in the Texas captive insurance law. Among the six improvements would be credit for reinsurance ceded to non-affiliated and non-admitted reinsurers that meet the standards of the bill. Read More
NRRA Files Amicus Brief in Restoration RRG Appeal
The National Risk Retention Association filed an amicus curiae brief in support of Restoration RRG in its recent court appeal, challenging the Wisconsin Department of Safety and Professional Services for discrimination against risk retention groups. Read More
Will the NAIC Insurance Data Security Model Law Apply to Captives?
The Insurance Data Security Model Law is being drafted to apply to traditional insurance companies, but there is some concern that, as drafted, the language would also be deemed to apply to captive insurers domiciled in the states that enact it. This article explains why. Read More