The OBL has been pushing back on pending regulation that would make a bank’s operation of a captive insurance company very difficult and significantly hurt the benefit our bank would see from a captive. The OBL met with Congressman Brad Wenstrup this week to get the issue on the radar of the House Ways and Means Committee. This committee has jurisdiction over the IRS and can hold oversight hearings on this proposed rule as well as push back from their position over the IRS. The OBL is advocating for an explicit exemption for community banks from the proposed rule. If your bank has a captive insurance company we have provided a link below where you can send a prewritten regulatory comment letter on behalf of your bank. All you need to do is enter in your name and address and the OBL’s system will send a comment letter on your behalf. Please consider sharing with your employees so we can get as many letters in opposition to this rule as possible. Read the OBL’s comment letter here.
Send a regulatory comment letter here.