New Captive Insurance Rules Adopted in Texas
The Texas Department of Insurance (“TDI”) has amended its administrative rules governing Texas captive insurance companies.
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Texas Department of Insurance Proposes Amendments to Examination Rules
The Texas Department of Insurance (“TDI”) has proposed amendments to 28 Texas Administrative Code sections 7.83 and 7.84, which govern the appeal of and frequency of TDI examinations.
Read MoreTexas Regulators Propose Increased Opportunities for Domestic Captives
The Texas Department of Insurance (TDI) has proposed a new rule and certain amendments to existing rules intended to implement provisions of the Texas Insurance Code that apply to captive insurance companies.
Read MoreAmendment to D.C. Captive Statute Introduced
Earlier this month, the Captive Insurance Agency Amendment Act of 2017 (DC LB 420) had its first reading before the District of Columbia Council. If enacted, LB 420 would increase the number of insurance products available for purchase through DC’s Captive Insurance Agency.
Read MoreDisclosure Deadlines Extended for Participants in and Material Advisors to Micro-Captive Transactions
On December 29, 2016, the Internal Revenue Service issued Notice 2017-08, extending the disclosure deadlines for participants in and material advisors to certain micro-captive transactions.
Read MoreCaptive Insurance Arrangements Taking Advantage of Section 831(b) Election May Be Required to Report to the IRS
The Internal Revenue Service on November 1 issued Notice 2016-66, which requires information reporting with respect to certain insurance or reinsurance transactions involving captive insurance companies that claim the benefits of an election under Section 831(b) of the Internal Revenue Code available to certain small insurance companies, often referred to as micro-captive transactions.
Read MoreCongress Expands and Tightens Section 831(b) Small Insurance Company Election
On December 18, 2015, Congress enacted the Protecting Americans from Tax Hikes Act of 2015, making, among other items, several significant changes to the provisions of Internal Revenue Code Section 831(b), which provides generally favorable tax treatment for electing small insurance companies.
Read MoreTennessee Issues Bulletin Re Reinsurance Ceded to Unauthorized Reinsurers by Tennessee Captives
The Tennessee Department of Commerce and Insurance recently issued a bulletin providing guidance to the Tennessee captive insurance industry on credit for reinsurance obtained by Tennessee captives from unauthorized reinsurers.
Read MoreNAIC Proposes Changes to Life Insurer Disclosure Requirements and Treatment of Investment Affiliates
This month, the NAIC set forth a variety of proposals relating to changes risk-based capital (“RBC”) requirements, as well as treatment of investment affiliates. In particular, the NAIC seeks to require life insurers to actively disclosure how the use of captives to manage their A-XXX risks would impact the insurer’s RBC.
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