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28 April 2017 | New York
John Harris has joined Brady Risk Management to head up the company’s newly formed Brady Risk Program Managers Read more

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Latest features
Notice 2016-66: Is the IRS repeating the mistakes of the past or learning from them?
Feature: Mikhail Raybshteyn, Ann Cammack and Paul H Phillips III of EY break down the controversial notice as the 1 May deadline for reporting the latest transaction of interest rapidly approaches Read more

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Interview: As the new president of CICA, Dan Towle aims to continue supporting the association’s efforts to grow its membership, increase advocacy, and ensure the smoothest of transitions Read more

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Exclusive: NCCIA weighs in as 1 May looms
21 April 2017 | Southern Pines | Reporter: Becky Butcher
The North Carolina Captive Insurance Association (NCCIA) has filed a third-party observation in support of a lawsuit in federal court seeking a temporary injunction to stop the Internal Revenue Service (IRS) from implementing Notice 2106-66.

The third-party observation, prepared by attorneys of Womble, Carlyle, Sandridge & Rice, supports the litigation now pending in the US District Court for Eastern District of Tennessee.

CIC Services, a captive manager, filed the lawsuit against the IRS and the US Treasury. The 1 May deadline for micro captives to report to the IRS is rapidly approaching.

Thomas Adams, president and CEO of the NCCIA, said the brief argues that Notice 2016-66, which requires micro captives to provide substantial reports on their activity to the IRS, imposes a heavy burden on the public with little or no benefit to the IRS.

The notice, if not enjoined, will cause irreparable harm to the captive insurance industry and its stakeholders, as well as causing damage to the economic and regulatory interests of North Carolina, according to the brief.

Tennessee Judge Travis McDonough has already conducted a hearing and a ruling is expected soon.

The IRS has argued that Congress has given it the authority to issue this kind of notice.

The US government has also argued the lawsuit is barred by the Anti-Injunction Act, which precludes actions against the government seeking to bar the assessment and collection of taxes.

Adams noted that an appeal from either party to the US Court of Appeals for the Sixth Circuit is likely, whatever the result.

He added: “The North Carolina Captive Insurance Association is committed to the responsible growth of captives not only in our domicile but throughout the US. We see the filing of this friend of the court brief as yet another example of that on going effort and for North Carolina to be seen as a leader among domiciles.”



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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