Academy Workshop: Global Risk – Insurance Premium Tax

The evolving landscape of multinational insurance and the ever-increasing focus on compliance continue to challenge all involved in the insurance industry.

With a focus on Insurance Premium Tax and other indirect taxes applicable to multinational insurance programmes, this session aims to simplify a complex topic and guide the audience through the key IPT considerations for any global insurance programme to ensure compliance.

In this session, we will cover:

• IPT and other indirect transactional taxes on insurance contracts or premiums
• The cost of compliance
• Location of Risk rules
• IPT implications of different programme structures, including:
  • Freedom of Services
  • Non-Admitted and DIC-DIL cover
  • Financial Interest Clauses
• Premium Allocation methodology considerations
• Implications of non-compliance

By the end of the session, you will be able to:

• Recognise the range of indirect taxes applicable to insurance contracts and global insurance programmes
• Identify the key parties responsible for IPT compliance
• Realise the cost/ impact of IPT on underwriting premiums
• Appreciate the implications of different global programme structures and their impact on IPT requirements and costs
• Explain the potential implications of non-compliance to both the insurer and policyholder

Speakers:

Karen Jenner, Head of Tax Services, TMF Group

Joseph Finbow, IPT Assurance Director, TMF Group