Once more unto the breach, dear friends…

henry-v-withRichThat’s right, a little Bill Shakespeare for all you classicists. It’s a stirring oration from his play Henry V, where King Henry rallies the English troops to attack the French city of Harfleur back in the Middle Ages (I saw Kenneth Branagh give it in his movie version of the play many years ago). I mention it because the good Senators, Patrick Leahy from Vermont and Lindsey Graham from South Carolina, have reintroduced the bill (S. 1561) that will clarify the NRRA provision passed in the Dodd-Frank Act a few years ago.

The original NRRA provision created considerable confusion and inadvertently upended one of the organizing principles of the captive insurance industry – regulation and taxation by the captive’s domicile.  Although it still remains an uphill battle getting anything passed in Congress these days, VCIA and our friends at the South Carolina Captive Insurance Association (SCCIA) are recommitted to getting it done. We will be working with others from the Coalition for Captive Insurance Clarity (CCIC) who have supported our efforts throughout this process.

Of course, the next line of the speech by King Henry is a little grim: “Or close the wall up with our English dead”… hopefully we won’t have to go that far.

Thank you all very much, and I look forward to hearing from you.

Richard Smith
VCIA President

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