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.
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.
The introduction of legislation to allow Risk Retention Group (RRG) to expand coverages they can offer to their policyholder-owners has yet to happen, and even when it does, observers believe it has little chance of winning congressional passage.
The National Association of Insurance Commissioners has approved revisions to the Credit for Reinsurance Model Law and Regulation. The changes pave the way for implementation of covered agreements with the European Union and United Kingdom by making the models consistent with provisions of the covered agreements concerning reinsurance collateral requirements.
In 2019, US lawmakers have continued the drive to keep their states' captive statutes up to date. So far this year, at least six states-including Vermont, Utah, Nevada, Tennessee, Montana, and Georgia-have passed measures amending their captive statutes.