What is OFAC?
“OFAC” stands for the Office of Foreign Assets Control. It is an office of the Department of Treasury established in 1950. OFAC enforces federal economic sanctions against terrorists, terrorist organizations, criminals, and organized crime. OFAC prohibits any person or business from providing services to, or engaging in a transaction involving, a person or organization subject to federal economic sanctions. OFAC also administers various economic sanctions Continue reading
With apologies to Benjamin Franklin, nothing is certain in the insurance business except premium taxes. While many companies view premium taxes as simply a given 2% state levy on gross revenues, others are taking a closer look them. In reality, that 2% is a rough average. Premium tax rates can differ from state to state by as much as 3% or more.
What makes this more than just a bit of trivia with which to bore your non-insurance friends is the fact that companies legally domiciled in states with relatively high premium tax rates (states with rates above the 2% national average) also pay higher rates in other states than do companies domiciled in Continue reading