Asia-Pac captive domiciles to see growth, says Best

Asia-Pac captive domiciles to see growth, says Best

Asia-Pac captive domiciles to see growth, says Best

Captive domiciles in Asia-Pacific are set to benefit from growth in Asia’s economies, according to AM Best. The ratings agency said it expects to see significant growth of captive formations in Asia-Pacific domiciles such as Singapore, Labuan and Hong Kong, as economies grow and businesses seek new and more sophisticated ways of risk management and control. Best noted that to…

Study reveals South Carolina captive industry’s $56.8m annual economic impact

Study reveals South Carolina captive industry’s $56.8m annual economic impact

Study reveals South Carolina captive industry’s $56.8m annual economic impact

A study has revealed that the South Carolina captive insurance industry has an annual economic impact of $56.8m. The study was carried out by the Moore School of Business at the University of South Carolina, on behalf of the South Carolina Captive Insurance Association (SCCIA). The study focused on the economic impact of the captive insurance industry on South Carolina,…

South Carolina’s new code of conduct for captive managers

South Carolina’s new code of conduct for captive managers

South Carolina’s new code of conduct for captive managers

South Carolina has also introduced a new code of conduct for captive managers, which will come into effect on 1 July 2019. Captive director Jay Branum called it “an absolute first among the over three dozen state domiciles in the US captive marketplace”. The captive insurance division of the South Carolina Department Of Insurance (SCDoI) said: “The impetus for the…

AGCS creates new global ART role

AGCS creates new global ART role

AGCS creates new global ART role

Allianz Global Corporate & Specialty (AGCS) has appointed Grant Maxwell to the newly created global head of underwriting and portfolio management role in its Alternative Risk Transfer (ART) unit. Mr Maxwell will report to Michael Hohmann, global head of ART. Mr Maxwell was previously head of ART for AGCS’s regional unit London. This role will now be assumed by Dan…

US IRS reveals new arm’s-length captive pricing compliance campaign

US IRS reveals new arm’s-length captive pricing compliance campaign

US IRS reveals new arm’s-length captive pricing compliance campaign

The US Internal Revenue Service (IRS) has announced a compliance campaign aimed at captive service providers and focusing on arm’s-length pricing. The campaign is one of three additional compliance campaigns approved by the IRS large business and international division. The campaigns were identified through the IRS large business and international division’s data analysis and suggestions from IRS employees. The division…

Vermont updates captive law with change to captive examination schedule

Vermont updates captive law with change to captive examination schedule

Vermont updates captive law with change to captive examination schedule

Vermont has updated its captive legislation with modifications to the captive examination schedule and improvements to the statute governing group captive investments. The new law will change the captive examination schedule from once every three years to not less than every five years. Vermont said the commissioner retains the authority to examine companies whenever deemed necessary. “This will better reflect…

Captive number continue to grow in North Carolina

Captive number continue to grow in North Carolina

Captive number continue to grow in North Carolina

North Carolina’s captive sector has continued to grow, with the domicile now home to 688 risk-bearing captive insurance entities that are regulated by North Carolina Department of Insurance (NCDOI), including 244 active captive insurers and 444 active cells or series. North Carolina insurance commissioner Mike Causey said North Carolina continues to experience growth in its captive insurance industry, and with…

Micro captives again on US Internal Revenue Service’s tax avoidance list

Micro captives again on US Internal Revenue Service’s tax avoidance list

Micro captives again on US Internal Revenue Service’s tax avoidance list

The US Internal Revenue Service (IRS) has again included micro-captives on its list of abusive tax avoidance schemes, known as the ‘Dirty Dozen’. The IRS warned taxpayers to steer clear of abusive tax avoidance schemes and “the unscrupulous individuals who promote them”, reminding taxpayers that those who participate in illegal schemes may face prosecution, civil litigation and ultimately having to…

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