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A Cohort Of Support:  Numerous State Captive Insurance Associations Show Support For CIC Services’ Suit Against The IRS
July 30 2020

A Cohort Of Support: Numerous State Captive Insurance Associations Show Support For CIC Services’ Suit Against The IRS

Randy Sadler Captivating Thinking

These distinguished organizations are all signatories on the latest Amicus Brief to the U.S. Supreme Court in support of CIC Services’ lawsuit against the IRS.

CIC Services is currently suing the IRS for its unlawful Notice 2016-66. Support for this lawsuit continues to mount as more respected institutions are taking notice of this IRS administrative overreach and its harmful effects. The Supreme Court of the United States has agreed to review the result of CIC Services vs. IRS.  The latest organizations to throw their support behind CIC Service’s lawsuit includes: The Self Insurance Institute of America (SIIA), The Captive Insurance Company Association (CICA) and a host of state captive insurance associations, who recently joined forces to file yet another Amicus Brief with the Supreme Court Of The United States in support of CIC Services’ lawsuit against IRS Notice 2016-66.  Such widespread support has been humbling and deeply encouraging.

https://www.captivatingthinking.com/wp-content/uploads/2020/07/US-Supreme-Court-Docket-135317772-_-19-930-Amici-Brief-CIC-v-IRS-Captive-Associations-7.22.2020.pdf

“BRIEF OF THE ALABAMA CAPTIVE INSURANCE ASSOCIATION, INC.,
ARIZONA CAPTIVE INSURANCE ASSOCIATION, INC.,
CAPTIVE INSURANCE COMPANIES ASSOCIATION, INC.,
CONNECTICUT CAPTIVE INSURANCE ASSOCIATION,
DELAWARE CAPTIVE INSURANCE ASSOCIATION, INC.,
CAPTIVE INSURANCE COUNCIL OF THE DISTRICT OF COLUMBIA, INC.,
GEORGIA CAPTIVE INSURANCE ASSOCIATION, INC.,
HAWAII CAPTIVE INSURANCE COUNCIL CORPORATION,
KENTUCKY CAPTIVE ASSOCIATION, INC.,
MISSOURI CAPTIVE INSURANCE ASSOCIATION,
MONTANA CAPTIVE INSURANCE ASSOCIATION, INC.,
NEVADA CAPTIVE INSURANCE COUNCIL,
CAPTIVE INSURANCE GROUP OF NEW JERSEY,
NORTH CAROLINA CAPTIVE INSURANCE ASSOCIATION,
OKLAHOMA CAPTIVE INSURANCE ASSOCIATION,
PUERTO RICO INTERNATIONAL INSURERS ASSOCIATION,
SELF-INSURANCE INSTITUTE OF AMERICA, INC.,
SOUTH CAROLINA CAPTIVE INSURANCE ASSOCIATION, INC.,
TENNESSEE CAPTIVE INSURANCE ASSOCIATION, INC.,
TEXAS CAPTIVE INSURANCE ASSOCIATION,
UTAH CAPTIVE INSURANCE ASSOCIATION,
U.S. VIRGIN ISLANDS CAPTIVE INSURANCE ASSOCIATION, AND
VERMONT CAPTIVE INSURANCE ASSOCIATION AS AMICI CURIAE IN SUPPORT OF PETITIONER.”

CLICK HERE to read the full Amici brief on the Supreme Court’s docket.

CLICK HERE to learn more about captive insurance.

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9721 Cogdill Road, Suite 202
Knoxville, TN 37932
Phone: 865.248.3044
Fax: 865.966.1199

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Stronger Business Model

Businesses who implement ERM programs combined with a captive to plan for unforseen risks stand a better chance of surviving, and passing to the next generation.

Improved Cost Controls

Captive owners can leverage their ERM and captive programs to improve their negotiating ability when renewing their commercial insurance coverages.

Wealth Accumulation

Profitable captives will see their reserves grow over time to significant sums which can be utilized by their owners for retirement or other life cycle needs.

Advantageous Tax Treatment

Insurance companies are the only entities allowed to expense projected future expense against current-year revenues (claim reserves). Small captives (premiums of $2.2M or less per year) may also elect to only be taxed on their investment income, potentially resulting in substantial tax savings for their owners.

Insurance Profits

Utilizing your captive to reduce or replace your commercial insurance coverage with policies issued by your captive allows you to capture insurance profits previously realized by the carriers.

Improved Risk Management

Adding a captive and ERM program will result in a higher awareness and enhanced strategies for how your organization thinks about and plans for all risks.

Asset Protection

The assets held by a properly organized and managed captive enjoy a very high degree of protection from both the business’ and business owner’s creditors.