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In private letter ruling, IRS says captive reinsurance of fronted pools is “insurance” for tax purposes
- Edwards Wildman Palmer LLP
- -
- USA
- -
- January 4 2010
The Internal Revenue Service (IRS) issued a private letter ruling on December 11, 2009, resolving a taxpayer’s question as to whether its business as a captive reinsurer is "insurance" for tax purposes
Chaucer latest Lloyd's entity to consider new domicile
- Edwards Wildman Palmer LLP
- -
- United Kingdom
- -
- January 26 2010
In an interview with Bloomberg, Chaucer's chief executive officer Bob Stuchbery has indicated that Chaucer will consider redomiciliation out of the UK this year, noting that he would much prefer that Chaucer remained in the UK under a more competitive corporation tax environment
Alastair Darling's Budget proposes tax break for asbestos trusts
- Edwards Wildman Palmer LLP
- -
- United Kingdom
- -
- March 30 2010
Alastair Darling's 2010 Budget includes provisions designed to help asbestos trusts which were set up by companies prior to 24 March 2010 to meet their asbestos liabilities
Court of Appeal rules on VAT exemption for insurance intermediaries
- Edwards Wildman Palmer LLP
- -
- United Kingdom
- -
- May 28 2010
The Court of Appeal handed down its judgment in Commissioners for Her Majesty's Revenue and Customs v Insurancewide
Tax treatment of carried interest could be revived in Senate
- Edwards Wildman Palmer LLP
- -
- USA
- -
- April 16 2010
Though the Senate passed its Tax Extenders legislation in mid-March without including House language to change the tax treatment of the "carried interest" income of investment managers, the issue may receive a second look in the coming weeks
New York Insurance Department considering requesting lower federal tax rate
- Edwards Wildman Palmer LLP
- -
- USA
- -
- March 8 2010
According to media reports, New York Insurance Department (the “Department”) Superintendent James Wrynn announced at a membership meeting of the Association of Insurance & Reinsurance Run-Off Companies (AIRROC) that the Department’s tax working group is reviewing whether a revived New York Insurance Exchange (the “Exchange”) should request a lower federal corporate tax rate
Rhode Island 2011 budget - tax implications for surplus lines insurers and medical malpractice joint underwriters association
- Edwards Wildman Palmer LLP
- -
- USA
- -
- June 16 2010
The 2011 Rhode Island state budget, which was enacted as HB 7397A and signed into law June 2, 2010, amends the taxation statutes applicable to surplus lines insurers and the Medical Malpractice Joint Underwriters Association
Emergency Budget heralds insurance premium tax rise
- Edwards Wildman Palmer LLP
- -
- United Kingdom
- -
- June 24 2010
On 22 July 2010 the Chancellor of the Exchequer, George Osborne, presented his emergency Budget
Obama proposes budget that would end foreign reinsurer tax advantages
- Edwards Wildman Palmer LLP
- -
- USA
- -
- February 3 2010
President Barack Obama’s recently released proposed Budget of the U.S. Government for the Fiscal Year 2011 (the “Proposed 2011 Budget”) would disallow the deduction for excess non-taxed reinsurance premiums paid to foreign affiliates by a U.S. insurance company
German government opposes US legislation limiting deductibility of reinsurance premiums
- Edwards Wildman Palmer LLP
- -
- Germany, USA
- -
- July 28 2010
Proposed legislation that would limit a tax deduction for reinsurance premiums paid to a foreign affiliate of a US insurer has drawn the formal opposition of the German government
