Legal Developments

The IRS's Settlement Offer to Micro-Captive Insurance Companies

October 21, 2019

To begin dealing with the swell of micro-captive cases amid shrinking resources, last month the Internal Revenue Service (IRS) issued a notice announcing the mailing of a settlement offer for certain taxpayers under examination for participating in "abusive micro-captive insurance transactions." Brown Smith Wallace discusses the issue. Read More

NAIC and APCIA Urge Congress To Reauthorize TRIP

October 17, 2019

On behalf of the National Association of Insurance Commissioners (NAIC), Chlora Lindley-Myers, director of the Missouri Department of Commerce and Insurance, testified on October 16, 2019, before Congress at a hearing titled "Protecting America: The Reauthorization of the Terrorism Risk Insurance Program (TRIP)." Read More

Washington State To Introduce Captive Legislation in 2020

September 24, 2019

The Washington Office of the Insurance Commissioner will introduce legislation in the 2020 session that will create a statutory framework for captive insurance companies. Read More

IRS Will Mail Settlement Offers to Micro-captive Owners

September 17, 2019

The Internal Revenue Service (IRS) said Monday that it is mailing settlement offers to about 200 owners of so-called 831(b) micro-captives who participated in what the IRS calls "abusive" insurance transactions. Read More

Syzygy Insurance Co. v. Commissioner: What You Should Know

July 23, 2019

Syzygy Insurance Company, a microcaptive created by Highland Tank & Manufacturing Co. and its associates did not qualify as an 831(b) microcaptive entity between the years of 2009 and 2011. Find out what you should know about this Tax Court case. Read More