Topic: Tax Related Developments

IRS Requests Comments on a Revenue Ruling Concerning Taxation of Protected Cell Captive Arrangements

In a recently released revenue ruling, the IRS has established procedures for determining if insurance written through protected cell companies constitutes insurance for federal income tax purposes.  This is a result of the previously issued Notice 2005-49, in which the IRS requested comments from the public on this issue.  Concurrently, the IRS issued Notice 2008-19, in which it is requesting comments from the public on guidance regarding the issues that arise if such arrangements actually do constitute insurance. 

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U.S. Insurers Urge Congress to Modify Provisions of Current Tax Law Related to Foreign Insurers

On September 26, 2007, William R. Berkley, Chairman and C.E.O. of W.R. Berkley Corporation, the ninth largest commercial insurer in the U.S., addressed the Senate Finance Committee concerning an alleged flaw in the current U.S. tax system that provides certain economic advantages to foreign property and casualty insurers domiciled in favorable tax jurisdictions, such as Bermuda. 

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House Passes Nonadmitted and Reinsurance Reform Act

On June 25 and for the second time in nine months, the House  unanimously passed H.R. 1065, the Nonadmitted and Reinsurance Reform Act of 2007.  The bill establishes national standards on how states may regulate and tax surplus lines insurers and also sets national standards concerning the regulation of reinsurance. 

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