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domicile
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In a roundtable discussion, a panel of experts discussed the issues surrounding setting up an insurance domicile in the US. You don't want to see jobs leaving your domicile, your state, your jurisdiction and going somewhere else, said Howard Mills, director of Deloitte's US insurance group, especially in this environment. They're good-paying jobs. It's absolutely a new environment, Aon insurance manager Nancy Gray would say, in the last 10 years. With 30 states now trying to compete for that business it's a different marketplace. The impact has been a dispersion of captives really throughout the country, according to Joel Chansky, a property/casualty actuary with Milliman. William White, managing principal with Prism Strategies LLC, thinks the point was made that the industry may have r...
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Risk financing for many corporations has changed significantly over the past 25 years. Most have moved from a fully insured basis to a more self-insured approach, and for some that means that they were forming captive insurance subsidiaries. Put simply, onshore domiciles are jurisdictions located within US that have enacted special legislation specifically designed to encourage captive formations, while offshore domiciles are those jurisdictions outside the US that have such legislation. Frequently noted onshore domiciles would include states such as Vermont, South Carolina, Hawaii, Arizona, Nevada, Utah and 25 or so newer states. In the 1970s, when captive insurance companies first started to be utilized as risk-financing alternatives, the vast majority were formed offshore. The primar...
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There are over 5,000 captive insurance companies in the world today, accounting for several billion dollars in premiums. The smart captive does not place its business somewhere based on what next year's profits might be; it does it with an eye to where things might be in five or 10 years. A growing number of US states and foreign countries are opening their doors to captive insurers, and established domiciles are working to refine their regulations and improve service to make them more enticing. And as competitive as the domicile market was last year, it is even more so now and promises to get even tighter in the years to come. Presented is a review of the world's 25 largest captive domiciles. Many of the domiciles will be familiar from this publication's previous Captive Domicile Revie...
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JA: The biggest thing is time, no matter who you deal with. You'd better expect to spend three to six months or more. The advantage with going with a certified distressed property expert [is], we've got a process in place to make it go smoother. Because, if you've got somebody who doesn't know what they're doing, and they miss one or two pieces of paper, they've lost two or three weeks ... you want to know that going in. JAMf they had any inkling of worry - they've lost a job, they've got huge medical bills - something that makes them think they're going to start missing payments. Because, once you miss that first payment, the bank has the right to put you under foreclosure. Not that they will, especially now. A lot of banks have filed foreclosure but haven't pursued it because they don...
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This paper empirically evaluates the practitioner anecdotal evidence that good state and local tax planning dictates a Delaware or Nevada domicile for corporations in and environment in which the tax benefit of a holding company has been severely limited. It examines a sample of 142 active COMPUSTAT companies changing corporate domicile during the period 2000 through 2006. It finds that the incidence of corporations selecting a Delaware or Nevada domicile to be significantly greater than that which would be expected by chance. It also determines that Delaware is chosen with greater frequency than other states which would provide an identical tax benefit. It suggests that when tax planning and other administrative motivations present themselves they are preferred to tax benefits alone. T...
