June 2021 Edition
Personal taxes are filed (or extended), kids are graduating, summer is around the corner, and commercial insurance rates are still high! So, get ready for the higher temps and higher commercial insurance rates that are not going down anytime soon. But, there is a cool side to both, AC units help lower the temps, and starting a captive insurance company will help reduce risk!

While we are talking about positives, the Captive Insurance industry won a unanimous Supreme Court ruling against the IRS. Take a look at the article below on the legality of Notice 2016-66.

If you have any questions about implementing a Captive, call me directly or visit our Captive 101 section online by Clicking Here.

Sincerely,
Larry Papola
Lawrence J. Papola, Jr.
Principal
1-833-US-CAPTIVE
(1-833-872-2784)
A Victory for the Captive
Insurance Industry
On May 17, 2021, the United States Supreme Court issued its opinion in CIC Services, LLC v. Internal Revenue Service, a case challenging the legality of Notice 2016-66. In its opinion, the Court handed a victory to the captive insurance industry.
This is good news for the captive insurance industry. This case marks the first time that a court has ruled in favor of captive insurance and against the IRS.
Captive Claim Highlight
Client Profile
Industry: Professional Services
Specialty: Full Service Electrician
Location: Virginia
Claim Information
Description: One of our Insureds had business operations and supply deliveries interrupted for a day due to a snowstorm. This break in business caused roughly $17,000 in lost revenue, a typical day's income. Through their Captive's Actual Net Loss Insurance Policy "Business Interruption" coverage, they were able to recover their day's loss.
Line of Coverage: Business Interruption
This exposure was elected for coverage by the client under their Captive Policy. This resulted in a claim payment amount of approximately $17,000.
*Please note that each claim will undergo an independent investigation and thorough review process. Various components specific to the claim at hand will be assessed thoroughly to determine if the loss is covered by the policy.
Happening This Month in 2021
worlds_best_dad.jpg
6/3: World Bicycle Day
6/5: World Environment Day
6/8: World Oceans Day
6/14: Flag Day
6/20: Father’s Day & Summer Solstice
6/25: Take your Dog to Work Day
This Month is Observed as:
National Safety Month
Men’s Health Month
North Carolina Captive Group Announces Annual Conference Details
The North Carolina Captive Insurance Association (NCCIA) has announced the sessions and speakers for its upcoming in-person annual conference to be held August 30 through September 1 at the Washington Duke Inn and Golf Club in Durham, North Carolina.
Get Your Insurance Quotes From The:
Insurance Experts provides expert knowledge and assistance to individuals, families, and business owners who are making decisions about the proper insurance coverage for their needs. We’re here to help you cover losses you shouldn’t have to on your own.

Let our team of experts guide you through the daunting task of selecting the right insurance coverage for you or your business:
  • Life
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  • Long-Term Care
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48 South Service Road
Suite 400
Melville, NY 11747

Office: 1-833-US-CAPTIVE
     (1-833-872-2784)
Fax: 888-929-6565