Holland & Knight's Captive Insurance Team advises clients on the formation of captive insurance companies, including pure or "single parent" captives and microcaptives, as well as group, agency, association and rent-a-captives.
A captive insurance company is typically established to provide coverage to insure risks that would otherwise be uninsurable, or for which coverage was unreasonably priced in the commercial marketplace, as well as to provide coverage for the deductible portion of commercial insurance and an excess layer of insurance, if needed by the business. We advise clients on whether captive insurance is a suitable risk vehicle for their operating businesses.
Our captive insurance attorneys are experienced in navigating the complex related regulatory compliance issues, and they regularly counsel clients on the advantages and disadvantages of creating an offshore versus a domestic captive, including the tax implications of each structure.
Captive insurance may offer legitimate tax savings to business owners, but has come under scrutiny by the Internal Revenue Service the last few years. Our attorneys ensure that captive insurance plans comply with the applicable state and federal laws and regulations, and we represent clients in audits and enforcement actions.
Changes to the 831(b) election, which exempts captive premiums from federal taxes, takes effect in 2017. The changes place complex restrictions on ownership of captives and related entities. Our attorneys are well versed in what clients must do to be compliant. If necessary, we can show clients alternatives to the 831(b) structure.
Insurance Transactions and Regulatory
Private Wealth Services
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