RIMS "Legislative Review": Base Erosion and Anti-Abuse Tax (BEAT)

January 24, 2018

In response to the Tax Cuts and Jobs Act signed into law by President Donald Trump, RIMS has published a "Legislative Review" on the law's Base Erosion and Anti-Abuse Tax provisions, which will levy a 10 percent tax on transactions with foreign affiliates and impact some insurance and reinsurance programs. Read More

831(b) Premium Adjustment for Micro-captives in 2018

January 5, 2018

The Internal Revenue Service's first annual inflation adjustment for the Section 831(b) tax election has increased the premium limit for micro-captives to $2.3 million. Effective in 2017, H.R. 34 increased the maximum premium revenue allowable from $1.2 million to $2.2 million, allowing for inflation adjustments in subsequent years. Read More

Effects of the 2017 Tax Law on Captive Insurers

January 3, 2018

Following the passage of the Tax Cuts and Jobs Act by the US Congress, met with Bruce Wright of Eversheds Sutherland to document his take on the primary impacts of the tax law on the captive insurance industry. According to Mr. Wright, a number of the law's provisions may affect captives. Read More

Tax Reform: Best Briefing on Insurer Benefits and Partial Offsets

December 22, 2017

According to A.M. Best, the insurance industry will see overall benefits from the reduced corporate tax rate as a result of the Tax Cuts and Jobs Act once it is signed into law; however, partially offsetting the benefits are certain revenue enhancements that will impact companies. Read More

Bermuda Delineates Fact from Fiction in Answering ICIJ Reports

November 12, 2017

Recent reports from the International Consortium of Investigative Journalists (ICIJ) expose the names of people and companies behind what it alleges are "secret offshore structures" that, in some cases, are used to reduce or avoid taxes. Bermuda has responded to the ICIJ reports to delineate fact from fiction. Read More