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Bermuda preparing for Clinton plan. (Clinton Administration taxation of captive insurance companies in 1997 proposed budget)(Captive Insurance Review)
National Underwriter Property & Casualty-Risk &Benefits Management
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March 17, 1997|
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COPYRIGHT 1997 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group.
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The specter of risk managers boosting non-related business in Bermuda captives for tax reasons, which in the 1970s and 1980s led to disastrous losses, has again been raised as a result of a recent Clinton administration budget proposal.
But executives with captive management firms who spoke at a recent symposium in Bermuda said the sophistication of the present-day captive industry on the island precludes a repeat of the mistakes made in decades past, should the U.S. proposal be instituted.
The Clinton administration proposal--part of its fiscal 1997 ...
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