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" ... Delaware was one of the first "flexible" jurisdictions, and at captive conferences for years the folks of the Delaware Department of Insurance went out of its way to express to the industry that Delaware was open for "pure tax" captives, so long as application fee checks cleared. Thus, in just a few years, Delaware went from being a state with few captives to being one of the most prolific issuers of captive licenses; 191 to Artex alone as the Petition here states. Shortly thereafter, two other states, Tennessee and North Carolina, also exploded in the number of their captive licenses issues also because they were holding themselves out as "flexible" — it would frankly surprise me to find out that of each of Tennessee and North Carolina's hundreds of captive licenses issued, either one has more than a handful of microcaptives that are not just tax shelters. Because Delaware is a corporate hub, it probably has a goodly number of legitimate captives, but I would similarly be surprised if less than 90% of its microcaptives are not of the tax shelter varietal. ... "
" ... That Jade Risk was "aggressive" in selling microcaptives for tax purposes is made clear in the opinion. For instance, a dispute later arose as to whether Jarvis could use a particular PowerPoint presentation: ... "
" ... The U.S. Court of Appeals for the 9th Circuit ruled on September 9, 2020, that a group of plaintiffs who had failed risk-pooled 831(b) captive insurance companies (a/k/a microcaptives) could not maintain a class action arbitration against their captive manager, Artex Risk Solutions, Inc., and associated outside professionals. The upshot is that each plaintiff must now pursue their own independent and separate arbitration cases against Artex, et al. ... "