On Sep 28, 2007, the Internal Revenue Service (IRS) fired a warning shot across the bow of the captive insurance industry. The Federal Register for that day noted without fanfare that the IRS was putting forth a proposed regulation. And while the proposed regulation dealt specifically with single-parent, onshore captives, there was little doubt that it would negatively impact the industry at large. Molly Lambert, Vermont Captive Insurance Association president and co-chair of the Coalition of Fairness to Captive Insurers says, credit for this victory goes to the entire Coalition, and all the interested parties from the political side as well. But she says credit also has to go to the IRS for being open to this and willing to listen to their point of view. Dennis Harwick, Captive Insurance Company Association president and co-chair of the Coalition, notes that it was the quick action of the entire captive industry that allowed the Coalition to move forward in a timely manner.