State legislators to IRS: Stay out of the insurance business

June 28, 2023 by John Hilton

The National Council of Insurance Legislators is not happy with a proposed federal regulation to crack down on micro-captive insurance companies.

The proposed regulation, put forth by the Treasury Department and the Internal Revenue Service, would identify certain micro-captive transactions as “listed transactions” and certain other micro-captive transactions as “transactions of interest.”

Listed transactions are abusive tax transactions that must be reported to the IRS. Transactions of interest are tax transactions that have the potential for tax avoidance or evasion that must also be reported to the IRS. 

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Originally Posted at InsuranceNewsNet on June 28, 2023 by John Hilton.