Proposed regulations by the U.S. Treasury Department that would eliminate a tax deduction for captive insurers have resulted in a full-force response by nearly every sector of the captive industry.
The regulations--proposed on Sept. 28, 2007--would eliminate the tax deduction for reserves established by captive insurers for insurance sold to affiliates, if the insureds and insurer file in the same consolidated return. Treasury invited taxpayer comments by Dec. 27, 2007.
Responses came from trade associations, service providers, state captive regulators and even the National Governors Association. Taken together, these comments amply advance arguments challenging the appropriateness of the theory behind, and application of, these proposed regulations.
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