Insurance Care Direct Responds to IRS Summons on Insurance Policies Underwritten by Company

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Company executives have fully cooperated with the IRS – Company looks forward to an out-of-court resolution

DEERFIELD BEACH, Florida., June 6, 2022 /PRNewswire/ — Insurance Care Direct (ICD), one of the nation’s leading health benefit providers, today released the statement below in response to a subpoena lawsuit filed in federal court against corporate executives last month. The summons, which was issued by the Internal Revenue Service (IRS), relate to captive insurance arrangements used by the company.

“Insurance Care Direct (ICD) and all business leaders, including Seth Cohen, Brad Cohen and Ed Carriero, have fully cooperated with every request from the IRS. To date, the company and its executives have spent hundreds of hours and a significant expenditure of company resources to fully comply with IRS requests, including multiple production runs encompassing thousands of pages of documents.

The ICD and company management continue to cooperate fully with the IRS. Seth Cohen, Brad Cohen and Ed Carrieroby and through a lawyer Brian Harris of Fogarty Mueller HarrisPLLC, are currently working with the Department of Justice to collaboratively resolve the issues raised in the case.

In a motion filed Friday, the company with DOJ approval asked that the court continue the process to give the parties more time to work together toward a mutual resolution.”

Captive insurance arrangements are recognized by federal law and provide insurance policies that may not be commonly available or may not be available at prices businesses can afford.

About Insurance Care Direct

Founded in 2001, Insurance Care Direct has grown to become one of the nation’s largest health and life insurance agencies. The Company offers a wide range of competitive products. Based at Deerfield Beach, FloridaInsurance Care Direct is a family business strongly involved in the Florida community.

SOURCE Insurance Care Direct

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