RMC Group Emerges Victorious in Landmark IRS Case Involving Captive Insurance Management

RMC Group Celebrates Landmark Victory Against IRS in Captive Insurance Case

In a groundbreaking legal victory, RMC Group has emerged triumphant in a case against the Internal Revenue Service (IRS) regarding its management of small captive insurance companies. The jury verdict, entered on April 4, 2024, dismissed the IRS’s claims that the captives under RMC’s management were not legitimate insurance entities.

After enduring 14 years of rigorous legal proceedings, RMC stood firm in defending the integrity of its captive insurance practices. The company’s unwavering commitment to due diligence and compliance with regulatory standards ultimately paid off in what it describes as a ‘significant milestone’ for both RMC and the captive insurance industry as a whole.

According to RMC, this victory sets a precedent as the first captive manager to successfully challenge the IRS in court on this issue. The jury’s decision highlights RMC’s dedication to operating within regulatory guidelines and industry best practices, despite the complexities and uncertainties surrounding captive insurance.

Ray Ankner, president and chief executive of RMC, expressed immense gratitude for the jury’s decision, emphasizing the company’s commitment to ethical business practices and regulatory compliance. He credited the legal team at Zerbe, Miller, Fingeret, Frank & Jadav, LLC, and supporters for their instrumental role in securing this triumph.

Looking ahead, RMC remains steadfast in its mission to provide innovative risk management solutions while upholding the highest standards of integrity and accountability. This victory not only vindicates RMC’s position but also underscores the importance of clarity and collaboration in regulatory frameworks.