Representatives of four captive insurance associations said after a day of lobbying key members of Congress yesterday that they made progress fighting a proposed IRS regulation they believe would undermine the alternative risk-transfer market.
Members of the group told National Underwriter their most significant meeting was with Senator Max Baucus, D-Mont., chairman of the Senate Finance Committee, which is the IRS oversight committee in the Senate,
During the 40 minute meeting with Sen. Baucus, the group–which represented the Self-Insurance Institute of America, Inc. (SIIA); the Montana Captive Insurance Association, Inc. (MCIA); the South Carolina Captive Insurance Association, Inc. (SCCIA); and the Captive Insurance Council of the District of Columbia (CIC-DC)–gave their arguments why the proposed regulations should be withdrawn.
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