Representatives of 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) participated in a series of lobbying meetings today on Capitol Hill intended to educate key members of Congress on the negative ramifications of proposed IRS regulations impacting certain captive insurance companies.
The most important lobbying meeting was with Senator Max Baucus (D-MT), who chairs the Senate Finance Committee, which is the IRS oversight committee in the Senate. During the meeting, the industry lobbying group was able to lay out the case in detail why the proposed regulations should be withdrawn. While not committing to any specific action, Senator Baucus expressed interest in the group’s concerns and discussed possible involvement by his committee.
Today’s developments come on the heels of meetings with several members of the House Ways & Means Committee, the IRS oversight committee in the House, during which SIIA lobbyists worked to line up supporters on this issue. Preliminary reports suggest that the industry will have solid supporters on this other key congressional committee.
Given its established presence in Washington, DC, SIIA will continue to coordinate lobbying activities on this issue until the matter is favorably resolved and welcomes the participation of other interested associations or companies. Those interested in participating in this lobbying effort may contact Cliff Roberti in SIIA’s Washington, DC office at 202/463-8161, or via e-mail at email@example.com
SIIA, MCIA, SCCIA and CIC-DC collectively represent more than 1,000 companies involved in the self-insurance/alternative risk transfer industry.