Legal Developments

New Legislation Introduced To Allow Property Coverage in RRGs

November 26, 2019

A new congressional drive has been launched to expand the coverages Risk Retention Group (RRG) can offer to their policyholder-owners. Read More

North Carolina Lawmakers Do Not Renew Action on Captive Legislation

November 21, 2019

North Carolina legislators have ended the 2019 session without taking renewed action, as some had hoped, on legislation that would temporarily exempt captive insurance companies from the state's premium taxes. Read More

House Financial Services Committee Approves TRIP Legislation

November 8, 2019

On October 31, 2019, the House Committee on Financial Services unanimously approved bipartisan legislation to reauthorize the Terrorism Risk Insurance Program (TRIP). The program is currently set to expire on December 31, 2020. The unanimous bipartisan vote suggests the legislation will gain broad support when taken up by the full House. Read More

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