P.J. Cimini, left, president of the Connecticut Captive Insurance Association, and Cassie Bachman, right, of Elevate Risk Solutions. Courtesy photos.
In a significant win for captive insurance markets, the U.S. Supreme Court recently unanimously overturned a U.S. Court of Appeals for the Sixth Circuit ruling on tax reporting rules for captive insurance companies, with Connecticut organizations playing a key role.
Joining representatives from 24 other states, the Connecticut Captive Insurance Association contributed to an amicus curiae brief with assistance from students from the University of Connecticut School of Law and Yale Law School in CIC Servs. v. Internal Revenue Service, in which Justices Sonia Sotomayor and Brett Kavanaugh issued concurring opinions in support of CIC Services, a Knoxville, Tennessee-based captive insurance manager that challenged IRS notice 2016-66.
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