Our Blog – Captive Insurance
May 06, 2019
Internal Revenue Service enforcement actions against in-house insurers that elect not to pay tax on premiums.
Apr 25, 2019
By now, most in the captive insurance industry know about the Cease and Desist Order issued last year by the elected Washington Insurance Commissioner (the “Commissioner”) to Cypress, Microsoft’s Arizona-domiciled captive. The Commissioner ordered Cypress to stop transacting insurance and to pay Washington tax on its premiums, as well as interest and penalties. The dispute settled for $876,820, and Cypress issues its policies through a surplus lines broker.
Jan 18, 2019
In March 2019, Vermont State Officials announced the formation of Vermont’s First Affiliated Reinsurance Company (ARC) by MAPFRE RE, a large global reinsurance company based in Madrid, Spain. Primmer Piper Eggleston & Cramer (PPE&C) attorneys Ralphine O’Rourke and Jesse Crary are the advising counsel to MAPFRE RE.
Aug 20, 2018
The August 2018 captive insurance update is here! Scroll this page or download for a full update on what's new in captive insurance this summer.
Jun 20, 2018
With an eye toward creating a domestic alternative to offshore reinsurance affiliates, the Vermont Legislature recently passed legislation establishing a new type of captive, an affiliated reinsurance company (“ARC”), effective July 1, 2018.
Jul 28, 2017
The July 2017 captive insurance update is here! Read or download the full update discover what's new in captive insurance this summer.
Oct 18, 2016
Last month, new legislation was introduced in the Senate and House of Representatives “to amend the Internal Revenue Code of 1986 to prevent the avoidance of tax by insurance companies through reinsurance…
Jul 29, 2016
Beginning Tuesday, August 9, there will be a multiday celebration in honor of the 35th anniversary of Vermont’s captive insurance legislation. Since Vermont became a captive in 1981, there have been significant…
Jun 02, 2016
The Vermont Department of Financial Regulation released a memo in March of this year to remind Risk Retention Groups (RRGs) of the requirement to be compliant with corporate governance standards by May…
Apr 27, 2016
A recent article in Risk Management Monitor discussed the increase in a certain insurance trend, specifically that of captive insurers appointing independent board members with insurance experience. The…