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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.”



Guernsey must pay attention to UK’s ILS push, says McLaughlin
Guernsey should take the UK ‘seriously’ as it sets up an insurance-linked securities (ILS) regim Read more

Grant Thornton Cayman founding partner retires
Grant Thornton’s Terry Carson has retired, stepping down from his role as founding partner Read more

Drinker Biddle hires insurance pro in California
Dan Brown is based in the firm’s San Francisco office. He was previously a partner at Dentons wher Read more

Christina Kindstedt joins Advantage Insurance
Advantage Insurance has appointed Christina Kindstedt as senior vice president Read more

Delaware to allow captives to go dormant
Arkansas and Montana introduced legislation proposing a dormant status for captives last month Read more

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