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Leading National Law Firm Anderson Kill & Olick Concludes NRRA Not Intended to Apply to Captive Insurance Companies
Date:2/27/2013

tt Garrett of New Jersey – are significant in this regard. Those statements clearly indicate that it goes against the intent of the NRRA to levy self-procurement taxes on 100% of the premiums paid to a captive by a "home-state" policyholder that has material risks located outside of that state.”

England concluded, “The passage of the NRRA could not have been meant to strike down years of existing tax treatment or Supreme Court rulings regarding state taxation of captive insurance companies. Congress, in its haste to insert a minor provision aimed at surplus lines insurance into the already unwieldy Dodd Frank Act, inadvertently upended one of the organizing principles of the captive insurance world – regulation and state taxation by the captive’s domicile.”

England went on to assert, “States that try to apply the NRRA to captive insurance companies are likely to face litigation."

A coalition of industry representatives formed the Coalition for Captive Insurance Clarity (CCIC) and is working actively with Congress to craft new language to clarify ambiguities in the present law.

“This is further independent corroboration that the NRRA does not apply to captive insurance,” said Richard Smith, Executive Director of the Vermont Captive Insurance Association (VCIA) and co-founder of the CCIC. “We will continue to work actively to correct this error.”

According to Daniel Towle, Vermont’s Director of Financial Services, “The fact that some states may incorrectly apply the NRRA to some of their largest companies located in their state is likely to send a very unwelcoming message to those companies. We hope that states will look at this act more
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