Ben Stearns Quoted in Insurance Journal: “New Association Wants Florida to Become a Major Domicile for Captives”
Ben Stearns was quoted in an Insurance Journal article titled “New Association Wants Florida to Become a Major Domicile for Captives.” The article discusses a new group aiming to make Florida a powerhouse domicile for captive insurance companies.
The Florida Captive Insurance Association, on which Stearns serves as secretary, is actively advocating for legislative changes, including possible reductions in premium taxes for captives.
Stearns points to one incentive for establishing more Florida-based captives: Florida authorities have been aggressive about enforcing a separate, 5.3% tax on insurance procured outside the state without the assistance of a Florida-based broker or insurance agent. He also noted that a bill now in the Florida Legislature could be amended to address captive insurance tax issues.
Stearns recently wrote about the association’s plans in Captive International.
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