The Captive Insurance Companies Association (CICA) Board of Directors recently adopted a statement clarifying their position on 831(b) captives (mini-captives). In this statement, the CICA Board highlighted their concern about the misuse of these captives by individuals and companies seeking nothing more than a tax shelter.
It was important for CICA to issue this statement and clarify their official position on this matter, given the negative effects that such misuse has on the reputation of the captive industry.
The statement is worth a quick read. It can be found here.
Image credit: Avery Studio via flickr
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