Topic: Tax Related Developments

Internal Revenue Service Files Appeal in the Validus Excise Tax Case

Following up on our earlier Insurance and Reinsurance Blog on this matter (the relevant post can be found here), the Internal Revenue Service today filed an appeal to the United States Court of Appeals for the District of Columbia Circuit of the recent United States District Court decision in the Validus case (holding that the excise tax imposed on the foreign insurance/reinsurance of U.S. risks by Section 4371 of the Internal Revenue Code does not apply to retrocession policies). 

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Validus District Court Decision: Retrocessions Not Taxable as Reinsurance Under Section 4371 of the Code

As previously discussed in our Insurance and Reinsurance Blog (the relevant post can be found here), the United States District Court for the District of Columbia recently ruled that the excise tax imposed on the foreign insurance/reinsurance of U.S. risks by Section 4371 of the Internal Revenue Code does not apply to retrocessions. Validus, a Bermuda reinsurer, filed the refund suit in this case with respect to excise taxes it had paid on nine retrocession policies. 

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Does NRRA Capture Captives?

Continuing the controversy first discussed in our earlier article (a copy of which can be accessed here), uncertainty remains over whether the self-procurement tax and regulatory provisions of the Non-admitted and Reinsurance Reform Act, enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, apply to non-admitted insurance procured from a captive insurance company. 

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New Tax Form for Insurance Independently Procured From Unauthorized Insurer in New York

The New York State Department of Taxation and Finance issued a memorandum regarding changes to the New York tax laws affecting insurance independently procured from unauthorized insurers in order to conform New York law to the requirements of the Nonadmitted and Reinsurance Reform Act of 2010. 

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