Washington Commissioner Approves Regulations for Captive Fees, Taxes

November 23, 2021

The Washington State Office of the Insurance Commissioner has given final approval to regulations issued in August to implement legislation that state lawmakers passed in April imposing new fees on captive insurance companies licensed in other domiciles but doing business in the state of Washington. Read More

Washington Voters Reject Captive Tax Law in Advisory Ballot Measure

November 4, 2021

On Tuesday, Washington State voters rejected a recent law that imposes premium taxes on captive insurance companies licensed in other states but doing business in Washington State. However, the law will remain in effect unless state legislators vote to repeal the measure. Read More

Best Says OECD Global Minimum Tax May Be Challenging for Some Insurers

October 26, 2021

An anticipated global minimum tax on certain multinational companies creates the potential for double taxation on some insurers, according to A.M. Best. While short-term insurance coverages might fit into the tax scheme, A.M Best says the application of that minimum tax could prove challenging for insurers with longer-duration coverages. Read More

Global Minimum Tax Rate Would Have Limited Impact on Bermuda Market

October 22, 2021

An anticipated 15 percent global minimum tax rate would marginally reduce Bermuda's advantageous tax status for the (re)insurance industry, according to Fitch Ratings. The 15 percent global minimum tax rate would be enacted with the expected passage of a recent multilateral agreement to establish the tax. Read More

Judge Grants Injunction Against IRS in Micro-Captive Reporting Case

September 24, 2021

A federal judge has granted a preliminary injunction barring the US Internal Revenue Service (IRS) from enforcing its micro-captive reporting requirement on CIC Services. The September 21, 2021, ruling comes after the US Supreme Court earlier this year overturned a previous federal district court ruling rejecting CIC's injunction motion. Read More