So You Think You Know the Law

November 2018

True or False?
The term “insurance” is defined in the Internal Revenue Code.

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True or False?
A “pure captive” insurer is one that insures only risks of companies related to it by ownership.

TRUE

True or False?
Like any insurer, a “microcaptive” pays taxes on premium received.

FALSE

True or False?
If an insured’s captive program is determined to not be insurance, nonetheless the premiums are deductible business expenses.

FALSE

True or False?
A captive insurer must be able to demonstrate risk-shifting, risk-distribution, and insurance risk, and must meet “commonly accepted notions of insurance.”

TRUE

Please Note: This article is necessarily general in nature and is not a substitute for legal advice with respect to any particular case. Readers should consult with an attorney before taking any action affecting their interests.