In recent months, insurers have been grappling with a number of
tax developments that will deeply affect their business outlook.
The changes have come from different quarters—new direct tax
rules such as minimum and wealth tax; a whole raft of fiscal reform
measures; and new requirements pertaining to
tax transparency and the automatic exchange of information
under FATCA, CRS and DAC2.
Insurers have to pay particular attention to tax transparency
and to the new rules introduced by BEPS. In addition, they have to
ensure that profits are correctly allocated within groups, VAT is
properly handled, transfer pricing principles are adopted and
respected, and country-by-country reporting, in the shorter term,
is fully implemented.
In December, our tax experts shared their experience of the most
relevant, concrete, current and important difficulties met by
insurers, and the elements which must be considered in terms of
governance and the implementation of IT projects. Key messages from
this conference include the game changer that BEPS action 7 on
permanent establishment represents for a Luxembourg insurance
market built on the freedom to provide services, the importance of
documentation and transfer pricing documentation and the upcoming
FATCA/CRS reporting for which KPMG has designed a unique solution
based on integrated and automated reporting tool.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
The SuperReturn International series consists of 15 annual international private equity & venture capital events held in Europe, Asia, Africa, Middle East and the US. This happens to be the European event for the year. Spread across five days, starting from 27 February, the largest private equity event worldwide will take place in Berlin this year.
Some of the main subjects being discussed at this year’s conference are; The Geopolitical and Economical happenings of the last 12 months, Innovation Disruption & Tech Expertise and many more. As previously eluded to, there will be over 400 presenters, all bringing their own perspective and stance on specific topics to the table. Companies such as Google, Visa, Bloomberg and many more will all be represented throughout the five days.
KPMG Associate Partner, Nic Müller, will be speaking on 28 February at 3pm: “Why invest in the mid-market today”.
Given the societal challenges and environmental issues we currently face, the circular economy concept has rapidly been gaining in importance. This is why the Luxembourg government is pressing ahead in setting up the framework for the third industrial revolution, in which a circular economy is a key pillar.
The International Accounting Standards Board’s (IASB) insurance contracts standard, IFRS 17, is expected to significantly affect data requirements and the systems and processes used for data collection, actuarial projections, and on calculating and accruing interest.
In discussion with insurers around the world, we found that most expect to face challenges accessing and handling data of the right quality and granularity under the new standard. And many see significant effort associated with capturing, storing and analyzing this information given historical data quality and the use of legacy systems.
In the third of our webcast series - Impacts of IFRS 17 on data, systems and processes - we will share practical examples of how the forthcoming standard may impact an insurer’s current systems architecture. In addition, we will explore the data that will be required and how the standard will influence new estimates, computations and processing. We will also share lessons that we have learned from helping insurers through Solvency ll and the importance of developing a data management policy early on.
Bermuda is home to one of the largest international insurance and reinsurance markets in the world. This article outlines the current regulatory framework for the conduct of insurance and reinsurance business in Bermuda.
One of the fundamental objectives of litigation with an international flavour is to obtain a favourable judgment that is not only valid and enforceable in the country in which it is given but also other countries.
Bermuda is the first offshore jurisdiction to be granted ‘conditional qualified jurisdiction’ status by the National Association of Insurance Commissioners (NAIC), the US standard-setting and regulatory support organisation created and governed by the chief insurance regulators from each US State, the District of Columbia and five US territories.
The EBS framework reduces unnecessary duplication in the insurer's reporting process, by eliminating the pre-existing requirement for two quite different methods of reporting.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).