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OFFICIAL NEWSLETTER OF NCCIA

VOLUME 6; NUMBER 4
April 2020

CIC Services case now pending before the US Supreme Court

(SOUTHERN PINES)….We had planned to bring you the long awaited update on the much watched CIC Services case now pending before the US Supreme Court (SCOTUS) in this edition of the Newsletter.

The case was the subject of no action on Monday, April 27 when the Court reported on cases considered for hearing by the Court in the Justices’ Conference on Friday, April 24.  This however is not bad news for the captive insurance industry – it simply means that the CIC challenge to the much criticized IRS Notice 2016-66 remains before SCOTUS.

Some court watchers seem to suggest that no action in Conference means that some of the Justices’ were just undecided on what action to take, or alternatively, there were not 4 Justices’ agreeable to granting cert review and some of the remaining Justices simply wanted more time for consideration of the issues presented.

The Justices’ will be in Conference again on Friday, May 1st, then May 8 and May 15. It is now likely that we will get some indication on how the court views the CIC challenge in the coming weeks. Readers and members will be updated as SCOTUS actions warrant. The Newsletter wants to express its appreciation to Alex Webb, Government Affairs Committee Chair and Lane Brown, VP of Government Affairs for staying on top of the developments in this case.

The Captive Regulatory Team of the NC Department of Insurance

The Captive Regulatory Team of the NC Department of Insurance (NCDOI) continues to operate remotely during the COVID-19 outbreak. Even in this unusual situation, regulatory responsibilities such as the ongoing regulation of licensed captive insurers and review of captive insurer license applications and business plans are continuing to be handled efficiently and timely.   The NCDOI is available and accessible to the captive industry and current and potential captive owners through emails, conference calls, and virtual meetings to discuss new captive formations and developments with existing captive insurers. The easiest way to initially reach one of their team members is through email although they are routinely checking their office telephone voicemails as well. Email addresses are available on the NCDOI’s website at the following link:  https://www.ncdoi.gov/insurance-industry/captive-insurance/captive-regulatory-team

The NCDOI continues to assess COVID-19 developments to determine if additional waivers or extensions of requirements are necessary.  However, please feel free to contact the NCDOI captive team, if there are special needs related to licensed North Carolina captive insurers with which the NCDOI may assist.

The NCCIA Annual Conference Committee Is Making Good Progress On Changes To The Upcoming Conference Agenda

The NCCIA Annual Conference Committee, Chaired by David Littlehale has made good progress in making changes to the program agenda, due to the Covid-19 virus, to have the conference ready to go August 31 through September 2 in Durham. Registration is available as well as hotel reservations on the NCCIA website. https://nccia.org/2020-nccia-conference-registration-landing-page/ .If you have already registered for the conference you DO NOT have to register again. If you had hotel reservations, those reservations were canceled by the Washington Duke Hotel and you DO need to make new reservations. https://nccia.org/book-a-room-for-the-2020-nccia-conference/ .

Given that the Republican and Democrat National Conventions are being held in the two weeks prior to the NCCIA conference that we will WILL convene on August 31. In the highly unlikely event that we have to cancel the conference we will provide a full refund of your registration fee. Please do not hesitate to register. This will be your first chance to be together as an industry in 2020. Advertising for the Conference will restart on May 12th.

See you in Durham.
Stay safe and May God Bless America and The World.
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