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Bermuda House Approves Creation of Corporate Tax Agency
Bermuda Parliament clerk's office. A transcript of the proceedings and debates surrounding the bill was not available. The proposal moved swiftly through the House, having been ...
Source: BestWire   Date: July 22, 2024
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North Carolina Extending Captive Insurer Tax Holiday
Roy Cooper earlier in July. Captive insurers operating outside of North Carolina that receive approval from the state's insurance commissioner to redomesticate and domicile in ...
Source: BestWire   Date: July 12, 2024
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Insurers See Changes in Accounting Sector, Costly New Standards
https://bestsreview.ambest.com/edition/2024/july/index.html#page=28
Source: Best's Review   Date: July 1, 2024
Microcaptives Make Internal Revenue Service 'Dirty Dozen' List of Tax Scams
Commissioner Danny Werfel in a statement. "Promoters continue to peddle elaborate schemes to reduce taxes and make a handsome profit. Taxpayers contemplating these arrangements ...
Source: BestWire   Date: April 15, 2024
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Senate Report Finds PPLI a $40 Billion Tax Giveaway
Wyden said in a statement. "When you subject these policies to even the slightest bit of scrutiny, it's clear that this is just a tax shelter for the investments of the mega-rich ...
Source: BestWire   Date: February 22, 2024
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US Tax Court Rules Against Microcaptives in Dispute Over Arrangements
Terence Keating, Cheryl Doss and Arthur Candland. The IRS argued the arrangement didn't actually provide insurance and the shareholders cannot deduct the amounts for tax purposes ...
Source: BestWire   Date: January 5, 2024
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Protective Life Receives Industry-First Upfront Ruling From IRS on Variable Universal Life
Protective Life Insurance Co., a unit of Dai-ichi Life Holdings, said it has secured an industry-first so-called private letter ruling from the Internal Revenue Service related to ...
Source: BestWire   Date: October 25, 2023
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Feds Say IRS Law Trumps Delaware Regulation in Captive Dispute
Department of Justice has asked the U.S. Supreme Court to deny a petition by the Delaware Department of Insurance to hear its case that it can keep secret certain captive insurer ...
Source: BestWire   Date: October 23, 2023
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ICICI Lombard, LIC Face $243 Million in Tax Penalties From Indian Government
Lombard General Insurance Co. Ltd. said it received a notice from a government agency in India that it owes 17.29 billion rupees ($207.7 million) in taxes related to coinsurance ...
Source: BestWire   Date: September 28, 2023
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AM Best: Long-Term Care Claims Trending Up Since Pandemic
Industry Research Analyst Kaitlin Piasecki. View the video version of this interview here. Following is an edited transcript of the interview. The challenges facing the U.S. ...
Source: BestWire   Date: September 8, 2023
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Delaware Captive Director: IRS Focus on Small Captives Sparks Rise in Dissolution Requests
Vermont Captive Insurance Association conference in Burlington. View the video version of this interview here. Following is an edited transcript of the interview. Q: What headwinds ...
Source: BestWire   Date: August 18, 2023
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IRS Slammed for ‘Unconstitutional’ Proposed Microcaptive Rule
...Ferguson Act, from the states, he added. The IRS is misleading about regulating captives under section 831(b), a code allowing insurance companies to avoid taxation on their ...
Source: BestWire   Date: July 19, 2023
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Treasury, IRS Propose Rules for Identifying Microcaptives That Abuse Tax Code
That was preceded in 2021 when the U.S. Supreme Court ruled against the IRS in a dispute over a reporting tool the agency employed to reduce the use of microcaptive insurance ...
Source: BestWire   Date: April 11, 2023
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ABI Calls for Reforms to UK Health Insurance Tax and Pension Tax Relief System
Insurers said in recommendations ahead of the Spring 2023 budget. According to the ABI, ill health is increasingly responsible for people leaving the workforce, and uptake of ...
Source: BestWire   Date: March 10, 2023
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House Bill Would Allow Property Carriers to Deduct the Cost of Payouts Following a Disaster
Lighthouse Property Insurance Corp. and Weston Property & Casualty Co. Other companies have notified the state they are exiting the Louisiana market. Higgins also said he is ...
Source: BestWire   Date: September 30, 2022
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Big “I’ Names Successor to Retiring President and CEO
Big "I" for many years. He has overseen many major Big "I" initiatives including the inception of Big "I" Markets, a market access program for agent members; the formation of BIRC, ...
Source: BestWire   Date: September 19, 2022
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ICA Calls for Repeal of Insurance Taxes in Australian Territories
Insurance Catastrophe Resilience Report 2021-2022. Tasmania also should continue to follow its already announced plan to abolish its fire services levy as well, it said. Repealing ...
Source: BestWire   Date: September 13, 2022
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TransRe Expands CFO’s Duties to Include Newly Created COO Role
Pricewaterhouse Coopers' insurance practice. He has held roles of increasing responsibility, most recently promoted to CFO in 2015. As CFO, Mahoney led the evolution of the finance ...
Source: BestWire   Date: August 2, 2022
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North Carolina Captive Bill Offers Tax Holiday to Redomesticating Insurers
The subsection of the law expires Jan. 1, 2024, it said. "This legislation is designed to provide additional incentives to businesses so they will bring their captive insurers to ...
Source: BestWire   Date: June 15, 2022
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Bermuda Development Agency Expects to Be on EU White List Soon
Bermuda Business Development Agency said. Bermuda was among the jurisdictions that would be under monitoring but were committed to acting on any harmful tax practices, according to ...
Source: BestWire   Date: March 1, 2022
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