Talk:Captive insurance

message: The Captive Manager section has what look to be a bunch of advertisements for specific companies. They don't belong there. -- Dougher (talk) 02:20, 25 June 2011 (UTC)
thread_title:  Advertisements 

message: I'm a bit unhappy about the new alternative uses section that came in (even after I cleaned it up a bit).  The fact that it has come in from an IP address, and the external links that were included with the edit (now removed), makes me suspect spam.  But I have left it for now (tidied up a bit) but put a "source needed" tag on it.  If anyone has any more information on this alleged tax loophole, please edit as appropriate. Legis (talk - contributions) 21:50, 12 December 2006 (UTC)
replies: text: Since it is several months later with not attribution, I chopped it.--Nowa 21:07, 29 May 2007 (UTC)
thread_title:  Alternative uses 

message: I would be surprised if the statement that "Captives are mostly used by doctors, dentists and other wealthy business owners for tax benefits." proved to be factually correct.  I believe it is the case that, in terms of premium volume and probably raw count, that the majority of captives are owned by commercial business enterprises or associations.  Given the number of captives in Bermuda that make the 953(d) election, I am not confident that the 'for tax benefits' part of that statement can be supported either.  Is there a source?
--Rcherrick 22:54, 25 January 2007 (UTC)
replies: text: I thought that it sounded dubious myself, but it is not really my practice area, so I left it for others to edit if they thought appropriate. --Legis (talk - contributions) 08:01, 26 January 2007 (UTC)

text: I hear what you say, but I put the citation-needed tag back on until someone can post either a credible link or cite a credible source for the proposition.  Certainly the captives I have seen in practice have mostly been law firms who are seeking to add a layer of cover either at the top or bottom of their existing PI cover, and seeking basically to retain the benefit of the brokers fees for themselves. --Legis (talk - contributions) 12:06, 8 February 2007 (UTC)
thread_title:  Mostly Used 

message: The whole premise that captives were invented by this chap in the 1960's is completely incorrect. BP, then known as Anglo Persian, had a captive insurer known as Tanker insurance 40 years previously in 1920. I am pretty sure that ICI had one dating back to 1910.  — Preceding unsigned comment added by 80.254.147.180 (talk) 15:32, 15 June 2011 (UTC)
thread_title:  History incorrect 

message: I'm new at this so please forgive me but I've been working with Captives now for 26 + years.  It might make some sense to break out domiciles by the following:  European, Caribbean, North America (to bring in British Columbia in Canada), Asia, and all other. 
Vermont licensed 41 new captives in 2011 bringing total captives to 952 per the press release from the State of Vermont office of Captives: http://www.vermontcaptive.com/press-room/news-releases/2011-very-strong-for-vermont-captive-insurance-licenses.html
Every year I write a state of the market report for my employer.  The following chart shows the number of captives by facilities for 2011 as of 2/1/2012 along with the incremental number of new facilities comparing 2011 to 2010 - final numbers are usually available by end of March 2012.
2011 Year End Score Card - I'm still trying to figure out how to embed or add my file
I hope this helps (Theim912 (talk) 19:39, 9 February 2012 (UTC)
replies: text:  In addition to breaking out the domiciles, I would also recommend that the types of captives be broken out (sponsored/non-sponsored). This would also allow for the subject of Cells to be expanded upon, which is a subject briefly mentioned in the original post. Finally, I would recommend breaking out advantages and disadvantages/risks associated with captives/cells.Melissa F (talk) 17:17, 16 September 2016 (UTC)
thread_title:  New Sections 

message: What do you think of expanding the "Sheltering income from taxes" section to focus more broadly on IRS Concerns? The IRS has been investigating small captive insurance companies since 2013 and has taken steps to identify the companies who are doing shady things. 
In 2013, the IRS launched an investigation of small captive insurance companies, resulting in the IRS issuing notices in 2014 that it would be conducting formal “promoter audits” of the managers of these companies, and serving subpoenas that request a broad swath of information regarding these captives: http://www.forbes.com/sites/jayadkisson/2014/09/19/irs-launches-promoter-audits-of-captive-managers-suspected-of-abusive-practices/ 
There are also risks associated with failing this IRS audit:
"Risks of failing an IRS captive insurance audit include losing the premium deduction associated with Section 831(b) and incurring a 20 percent penalty, along with interest: http://www.accountingtoday.com/news/tax-practice/captive-insurance-on-the-irs-dirty-dozen-list-what-every-cpa-needs-to-know-74061-1.html" 
This has changed a bit more recently and now there's a list of dirty companies who are conducting tax scams: http://www.forbes.com/sites/deanzerbe/2015/03/25/captive-insurance-irs-knocking/  
The IRS claims that “unscrupulous promoters persuade closely held entities to participate in this scheme by assisting entities to create captive insurance companies onshore or offshore, drafting organizational documents and preparing initial filings to state insurance authorities and the IRS. The promoters assist with creating and ‘selling’ to the entities often times poorly drafted ‘insurance’ binders and policies to cover ordinary business risks or esoteric, implausible risks for exorbitant ‘premiums,’ while maintaining their economical commercial coverage with traditional insurers.” http://www.irs.gov/uac/Newsroom/Abusive-Tax-Shelters-Again-on-the-IRS-Dirty-Dozen-List-of-Tax-Scams-for-the-2015-Filing-Season  
Ariel924 (talk) 20:36, 17 April 2015 (UTC)
thread_title:  Expanding Sections 

message: I would like to add to the page, in particular expanding on the introduction, adding some cases with conflicts and expanding on the advantages/disadvantages already presented in the article.
Melissa F (talk) 17:08, 21 October 2016 (UTC)
thread_title: New Changes

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thread_title:  External links modified