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Delaware Insurance Commissioner: Captives Should Not Be Formed Solely for Tax Purposes
Delaware Captive Insurance Association Fall Forum in Wilmington. He also addressed credit scoring; how the use of artificial intelligence can enable biases; the pursuit of flood ...
Source: BestWire   Date: December 6, 2021
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Captive Professionals, Regulators Wary of Fallout From Microcaptive Tax Battles
Maglaras was critical of the use of microcaptives for tax avoidance. Captives that take the 831(b) election are taxed on investment income, not underwriting income, as long as ...
Source: BestWire   Date: November 19, 2021
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US Supreme Court Rules Against IRS in Dispute Over Microcaptive Regulation
...Injunction Act (BestWire, Dec. 2, 2020). The high court specifically rejected those lower court rulings. "The suit targets not a regulatory tax, but instead a regulation that is ...
Source: BestWire   Date: May 17, 2021
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Biden Seeks Permanent Expansion of ACA Exchange Subsidies, Wider Coverage
White House fact sheet. "As a result, 9 million people will save hundreds of dollars per year on their premiums, and 4 million uninsured people will gain coverage," it said. The ...
Source: BestWire   Date: April 30, 2021
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IRS Launches New Round of Microcaptive Enforcement
The Internal Revenue Service launched a new crackdown against the use of microcaptive insurance arrangements even as the U.S. Supreme Court considers whether the government has the ...
Source: BestWire   Date: April 12, 2021
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 Commentary: Budget Highlights the Growing Contribution of Insurance Premium Tax to UK Finances
In the United Kingdom, successive Chancellors of the Exchequer have seen insurance premium tax (IPT) as a way of raising revenue at very little political cost.
 Data
Source: Commentaries   Date: March 11, 2021
AIG Reaches Settlement With US Attorney’s New York Office on $400 Million Tax Credit Issue
American International Group Inc. in which AIG agreed to disallow more than $400 million in foreign tax credits and the imposition of a 10% tax penalty. The issue involved AIG ...
Source: BestWire   Date: October 23, 2020
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US Tax Court Rules Against IRS in Microcaptive Penalty Case
The United States Tax Court ruled Jesus R. Oropeza, sole owner of a microcaptive called FIRM Inc., was improperly fined based on the timing of notices sent by the IRS. "We conclude ...
Source: BestWire   Date: October 20, 2020
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IRS Asks Court for Records From Delaware Insurance Department
... Artex was not immediately successful. The court has not scheduled a date for a hearing on the complaint. (By Timothy Darragh, associate editor, BestWeek: Timothy.Darragh@ambest.com...
Source: BestWire   Date: June 23, 2020
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US House Bill Will Allow Tax-Free Distribution of Senior Life Settlement Proceeds
Bipartisan legislation in the U.S. House would eliminate federal taxes for seniors who sell their life insurance policies through life-settlement arrangements to pay for health ...
Source: BestWire   Date: March 9, 2020
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EU Places Bermuda on International Tax Compliance Whitelist
The European Commission has removed Bermuda from a global tax compliance watch-list, saying it has fulfilled promises it made to improve the country's tax system and met all ...
Source: BestWire   Date: February 20, 2020
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EU Places Cayman Islands on International Tax Compliance Blacklist
Paolo Gentiloni in a statement. "Our citizens expect the wealthiest individuals and corporations to pay their fair share in tax and any jurisdiction that enables them to avoid ...
Source: BestWire   Date: February 18, 2020
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IRS: Crackdown on Abusive Microcaptives Successful; 80% Accept Settlement Offers
The IRS launched the settlement initiative after three consecutive U.S. Tax Court wins in cases, which sought to overturn the IRS interpretation of the 831(b) captive rules. For ...
Source: BestWire   Date: February 4, 2020
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IRS Launches Crackdown on Abusive Microcaptives, Offers Settlements
Commissioner Chuck Rettig said in a statement. "We will continue to vigorously pursue these and other similar abusive transactions going forward." The companies are accused of ...
Source: BestWire   Date: September 16, 2019
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 Special Report: 2018 Statutory Results Generally Favorable for Property/Casualty Insurers
Insured losses above normal in 2018, but results improve after record-setting 2017 natural and manmade disasters.
 Data
Source: Special Reports   Date: June 26, 2019
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EU-ASEAN Business Council Recommends Tax Incentives to Drive Private Insurance Growth
... Geneva Association in a report. "Given huge informal economies and underdeveloped and inefficient taxation mechanisms in many emerging markets, private voluntary health insurance ...
Source: BestWire   Date: June 17, 2019
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EU Removes Bermuda From Tax Compliance Blacklist
News Service, March 12, 2019). At the time, Bermuda officials said the blacklisting was all a mistake. Bermuda Minister of Finance Curtis Dickinson said the omission was a ...
Source: BestWire   Date: May 17, 2019
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US Tax Court Rules Against Syzygy Insurance, Microcaptive Arrangement
Tank & Manufacturing Co., a family-owned Pennsylvania manufacturer of above-ground and below-ground steel tanks. Because Syzygy - regulated by the Delaware Department of Insurance ...
Source: BestWire   Date: April 12, 2019
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Hong Kong Launches Voluntary Health Insurance Scheme With 25 Insurers
Hong Kong's Food & Health Bureau implemented the program April 1. The plans include guaranteed renewal up to the age of 100 regardless of change in health conditions of those ...
Source: BestWire   Date: April 1, 2019
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Heng An Standard Life Cleared to Establish First Pension Joint Venture in China
Heng An Standard Life Insurance Co. Ltd., a joint venture formed in 2003 between Standard Life Aberdeen and Tianjin TEDA International, has received approval from the China Banking ...
Source: BestWire   Date: March 22, 2019
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