(SOUTHERN PINES)…..Early Bird Registration for the NC Captive InsuranceAssociation Annual Conference ends on June 15, 2017. Early registration is an opportunity for significant savings to individuals who are planning to attend the conference.
According to Thomas Adams, NCCIA President & CEO, the “2017 event has been enhanced with the addition of four additional break out sessions and the chance for individuals participating in the Golf Tournament to win a new car, valued at approximately $50,000 by making a hole in one on the 180 yard 16th hole.” Adams continued saying “the Conference is expected to attract 200+ individuals engaged in the captive insurance industry, state regulators and captive owners to the Ballantyne Hotel and lodge in Charlotte August 21-23.”
The Opening Session on Monday afternoon will feature John B. Jung, Jr., Senior Managing Director and Head of BB&T Capital Markets. He will present an overview of North Carolina’s prospects for economic growth and how those prospects will impact the captive industry. At that session former NC Insurance Commissioner Wayne Godwin will be honored for his role in opening North Carolina as an attractive domicile for captives. At the conclusion of the session the Exhibit Hall will open with a reception hosted by Management Services International.
Newly elected Commissioner Mike Causey will address the Conference at the Annual Commissioner’s Luncheon on Tuesday. This will be the Commissioner’s first address to the industry which he has championed to the NC General Assembly. Appointments with the Commissioner’s staff during the conference can be made by contacting Debbie Walker, Deputy Commissioner for Captive Insurance at Debbie.firstname.lastname@example.org.
To see the Annual Conference Program, Register or for Hotel Reservations go to www.nccia.org and tap on the Events page. Once again this year continuing education credits are available for attorneys and CPAs.
A very limited number of exhibit spaces are available by calling the association headquarters.
In the wake of the adverse Federal court ruling in the TN case (the Court declined to grant an injunction blocking implementation of IRS Notice 2016-66), attention has turned for the Captive Insurance industry to awareness of state reporting obligations for “Transactions of Interest.” In addition to certain one time and annual filing obligations, several states have imposed similar reporting obligations and failure to comply with state reporting regimes in those jurisdictions can lead to significant penalties.
Among the 12-14 states that have decided to piggy-back IRS compliance, are NY and California, as well as Delaware and Utah. NCCIA learned this week that the NC Department of Revenue (NCDOR) is considering sending all CICs licensed in NC a letter notice, requesting they file a copy of all documents filed with the IRS under Notice 2016-66. This would be a one-time filing, however as we have learned from previous experience with state agencies, generally what starts out as one-time often becomes an annual event. NCCIA, with support of NCDOI, strongly opposes this action by NCDOR. The information sought is already available to the State. Source materials filed annually include certified audits, statements of actuarial opinion, actually more information that required by IRS Form 8886.
Our friends in the NC Legislature are aware of these compliance reporting matters. We believe that our captive supporters in the NC House will respond in an appropriate manner to preempt the burdensome and unnecessary rule under consideration by the NC Department of Revenue. With the General Assembly rushing to complete its biennial budget by June 15, and adjourn by June 30, we anticipate a series of fast moving developments in the coming days. NCCIA will endeavor to keep you informed as matters progress.
The staff of the NCCIA wishes you a pleasant summer and look forward to seeing you at the Annual Conference in Charlotte.