Condo Insurance operates a little differently than Homeowners Insurance. Since most condo associations in Florida are bound by Florida Statute 718, the condo association will obtain coverage for the Building and common areas. Unit owners are generally only able to insure the interior “livable” portion of their units, not including structural elements of the Building. You may sometimes hear condo insurance referred to as “contents-only” or “walls-in” coverage. These terms can be misleading, so let’s clarify by giving some examples.
Incorporated Cell Captives have been taking the captive industry by storm. RMC's Technical Memorandum: Incorporated Cell Captives is a must read for anyone interested in this advanced captive structure. Click on the following link to read more:
On February 24, 2016, Barbados passed legislation that enables the formation of Incorporated Cell Captives. Donville Inniss, Barbados' Minister of Industry, International Business, Commerce and Small Business Development commented, "The Government of Barbados understands the critical importance of its international business sector and the need to introduce new and relevant legislation to underpin its growth...
Interested in knowing more about captives? Click on the following link to view RMC's Technical Memorandum on Captive Insurance Companies.
With the passing of the PATH Act, major changes are coming to the 831(b) captive community. ARE YOU PREPARED? Make sure to register for this informative webinar where RMC Group will discuss the recent changes to 831(b) and what it means for existing and new 831(b) captives.
For more information on the PATH Act, click here.
On December 18, 2015, President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 (the “Act”). The Act amends section 831(b) of the Internal Revenue Code in two ways that may affect the tax treatment of small property and casualty insurance companies, including captive insurance companies.
Although only a few large employers directly contract with healthcare providers for administrative services, surveys now show that more and more are planning on adopting this potential cost-saving strategy in the near future. You can read more about this topic here.
We know that you have clients who are reluctant to buy critica...
Split-Dollar arrangements share the costs of buying a life insurance policy between two parties, where one party funds most or all of the premiums, and retains the rig...
In 2002, the I.R.S. issued guidance on captive insurance. The three new revenue rulings and a revenue procedure address deductibility of premiums paid to a wholly owned insurance subsidiary. The second revenue ruling can be found here.