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" ... A captive insurance company (usually just referred to as a "captive" in short) is an insurance company that is set up to provide for the insurance needs of its owners, and them only. There are many types of captives, and they can be organized in many ways, most typically as corporations but also as LLCs and some other more exotic types of entities. ... "
" ... We have now discovered that in 2013 the IRS finally launched its long-anticipated investigation of certain managers of smallish insurance companies. This has finally culminated in the IRS issuing notices this year that it is conducting so-called "promoter audits" of these manager, and serving subpoenas that request a broad swath of information regarding these captives. ... "