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Captive-Insurance.Net - Your Essential Captive Insurance Online Resource |
America - Why Captives Move Offshore
When will governments learn? When taxes become unfair, companies move elsewhere!
In October of 2007 the US Treasury, with support by the IRS (no surprise), released its proposed regulation changes to eliminate federal income tax deductions for money in the form of premiums paid to a related captive insurance company.
The newly proposed regulations would allow affected entities deductions for claims and related expenses when the losses and expenses are actually paid by the captive. The overall result of this would be a significant increase of federal income taxes for US companies paying premiums to related captive insurance companies. A number of groups with the interests of the captives at are constructing plans to protest the proposed new regulation. At the November 6th meeting of the World Captive Forum in Scottsdale Arizona, Mr. P Bruce Wright, partner of law firm Dewey and LeBoeuf, warned that "the ruling may not be as attackable as we would hope". He further commented that there is a significant potential for the proposed regulation to drive a number of US domiciled captives offshore.
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