For years, the IRS has attacked the tax treatment of insurance of captive insurance and their affiliates to preclude captive insurance companies from deducting payments to captive insurance companies as premiums and instead treat them as capital contributions.
Read MoreOn October 26, 2007, Oregon AG Hardy Myers announced a settlement with ACE Group Holdings, Inc. and its subsidiaries (“ACE”) over allegations of improper, fictitious quoting and steering of insurance businesses. The AG filed a stipulated judgment in Marion County State Circuit Court, in which ACE agreed to pay $4.5 million to a group of eight Attorneys General in settlement of their antitrust claims with no admission that ACE violated any laws.
Read MoreThe Senate Banking Committee has approved a version of the Flood Insurance Reform and Modernization Act of 2007 (the “Act”), which will now go to the entire Senate for a vote. The Act, which extends the National Flood Insurance Program (“NFIP”) through 2013, has several major differences from the House of Representatives’ version we previously reported about here.
Read MoreAs discussed here, Florida established a Hurricane Catastrophe Fund (“CAT Fund”) in November 1993, to protect and advance the state’s interest in maintaining insurance capacity, by reimbursing insurers for a portion of their catastrophic hurricane losses.
Read MoreOn Thursday, New York Superintendent of Insurance Eric Dinallo proposed a regulation seeking to eliminate the existing collateral requirements imposed on foreign and alien reinsurers operating in New York.
Read MoreRenewal of the federal terrorism risk insurance program established by the Terrorism Risk Insurance Act of 2002 (“TRIA”) moved one step closer to reality yesterday when the Senate Banking, Housing and Urban Affairs Committee approved legislation seeking a seven year extension of the program by a 20-1 vote.
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