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Notice 2016-66: Is the IRS repeating the mistakes of the past or learning from them?
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Captive industry’s reputation under threat
20 March 2017 | San Diego | Reporter: Becky Butcher
The IRS’s Notice 2016-66 is having negative effects on the reputation of the captive insurance industry, according to Skip Myers and Jim McIntyre.

Speaking at the Captive Insurance Companies Association (CICA) International conference, Myers, partner of the insurance group at Morris, Manning and Martin, suggested that the notice adds a “taint” to the industry.

He said: “The notice has already had a chilling effect on the industry, along with the requirements of the Protecting Americans from Tax Hikes (PATH) Act, which [both] are essentially aimed at getting rid of the opportunity for state planning or transfer of wealth from one generation to another and avoiding gift tax.”

He added: “It’s taking its toll and it is going to continue to be an issue for the whole captive industry.”

McIntyre, partner of McIntyre & Lemon, suggested that there is nothing wrong with a captive taking the 831(b) election if it qualifies.

He said: “The real issue is whether the captive is being set up for purely insurance purposes or whether it is being set up for wealth transfer and state planning purposes. The issue is what that is going to do to the reputation of the captive industry. I think the captive industry should be concerned.”

According to Myers, CICA’s position has always been to manage captives right, and not to be driven by their tax benefits. He said: “Unfortunately, there are others who think the tax part of it is more significant than the risk management part of it.”



John Harris to head up Brady Risk Program Managers
John Harris has joined Brady Risk Management to head up the company’s newly formed Brady Risk Prog Read more

Captive business in Labuan on the rise
Since Labuan’s first captive was established in 1998, the sector reached approximately 40 captives Read more

Interest in captives on the up, says Aon
More companies are showing an interest in forming new captives or protected cell companies over the Read more

Validus ILS business receives generous inflows
The insurance-linked securities and third-party reinsurance capital business of Validus Holdings, Al Read more

Citadel Risk launches new Tennessee ICC
Citadel Risk has opened a new incorporated cell captive company in Tennessee, Citadel Tennessee Capt Read more

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