Legal Developments
North Carolina Lawmakers Do Not Renew Action on Captive Legislation
North Carolina legislators have ended the 2019 session without taking renewed action, as some had hoped, on legislation that would temporarily exempt captive insurance companies from the state's premium taxes. Read More
House Financial Services Committee Approves TRIP Legislation
On October 31, 2019, the House Committee on Financial Services unanimously approved bipartisan legislation to reauthorize the Terrorism Risk Insurance Program (TRIP). The program is currently set to expire on December 31, 2020. The unanimous bipartisan vote suggests the legislation will gain broad support when taken up by the full House. Read More
The IRS's Settlement Offer to Micro-Captive Insurance Companies
To begin dealing with the swell of micro-captive cases amid shrinking resources, last month the Internal Revenue Service (IRS) issued a notice announcing the mailing of a settlement offer for certain taxpayers under examination for participating in "abusive micro-captive insurance transactions." Brown Smith Wallace discusses the issue. Read More
NAIC and APCIA Urge Congress To Reauthorize TRIP
On behalf of the National Association of Insurance Commissioners (NAIC), Chlora Lindley-Myers, director of the Missouri Department of Commerce and Insurance, testified on October 16, 2019, before Congress at a hearing titled "Protecting America: The Reauthorization of the Terrorism Risk Insurance Program (TRIP)." Read More
Washington State To Introduce Captive Legislation in 2020
The Washington Office of the Insurance Commissioner will introduce legislation in the 2020 session that will create a statutory framework for captive insurance companies. Read More