February 18, 2014
The reinsurance industry recently racked up a big win over the Internal Revenue Service in a case surrounding the taxation of certain retrocession insurance policies, but the complexity of the case is keeping even some industry insiders in the dark on their new ability to file for a refund.
February 05, 2014
The D.C. District Court on Wednesday found that federal law bars the Internal Revenue Service from collecting excise taxes on certain retrocession insurance policies, ordering the IRS to refund $425,000 in double-imposed taxes to a foreign reinsurance company.
November 25, 2013
An excise tax on foreign-to-foreign reinsurance premiums is a perfectly legal form of double taxation, the IRS told a District of Columbia federal court on Friday.
October 31, 2013
The Internal Revenue Service's enforcement of a 1 percent excise tax on certain foreign-to-foreign reinsurance premiums violates congressional intent, Bermuda-based insurance company Validus Reinsurance Ltd. told the District of Columbia federal court Thursday.