Captive use to increase with emerging risks a target

Captive use to increase with emerging risks a target

Captive use to increase with emerging risks a target

Europe’s risk managers plan to make more use of their captives despite the continued soft market conditions and are open to the idea of using them to ‘incubate’ emerging risks such as cyber potentially going direct to the capital markets for solutions, according to a survey of Commercial Risk Europe and International Programme News readers.

New rules for Goods and Services Tax in New Zealand

New rules for Goods and Services Tax in New Zealand

New rules for Goods and Services Tax in New Zealand

The Goods and Services Tax (GST) is now applicable to non-resident insurers who provide cross-border insurance services to New Zealand-resident consumers. Since October 1, 2016, the GST in New Zealand has been applicable to non-resident insurers who provide cross-border insurance services to New Zealand-resident consumers, according to TMF Group. The new rules require non-resident insurers to register and return GST…

Ferma meets with OECD over captives and BEPS

Ferma meets with OECD over captives and BEPS

Ferma meets with OECD over captives and BEPS

Ferma has had a meeting with three senior executives from the OECD held in Paris as it continues to argue that captives are a risk management tool with a genuine economic rational. Ferma explained that it wants to dispel misperceptions about captives as countries start planning to implement the OECD base erosion and profit shifting (BEPS) anti-tax avoidance measures. “This…

EIOPA publishes paper on national recovery and resolution frameworks

EIOPA publishes paper on national recovery and resolution frameworks

EIOPA publishes paper on national recovery and resolution frameworks

The European Insurance and Occupational Pensions Authority (EIOPA) has published a discussion paper on ‘Potential Harmonisation of Recovery and Resolution Frameworks for Insurers’. “The existing fragmented landscape of national recovery and resolution frameworks could cause significant barriers to the resolution of insurers, particularly of cross-border groups,” said EIOPA. “To avoid any unnecessary economic costs stemming from uncoordinated decision-making processes between…

Insurance Ireland and DIMA to merge

Insurance Ireland and DIMA to merge

Insurance Ireland and DIMA to merge

Insurance Ireland and the Dublin International Insurance & Management Association (DIMA) are to merge in 2017 to bring together the domestic and international insurance and reinsurance sectors under one umbrella. The merged organisation will represent over 140 insurers, reinsurers and captives in an industry sector that employs around 28,000 people. Eddy Van Cutsem, interim CEO of DIMA stated “It is…

Oxfam lists captive domiciles as tax havens

Oxfam lists captive domiciles as tax havens

Oxfam lists captive domiciles as tax havens

Bermuda, the Cayman Islands, Singapore, Ireland and Luxembourg are among the world’s 15 “worst” corporate tax havens, according to new Oxfam research. According to the report, cvalled ‘Tax Battles,’ the world’s worst tax havens are: (1) Bermuda (2) the Cayman Islands (3) the Netherlands (4) Switzerland (5) Singapore (6) Ireland (7) Luxembourg (8) Curaao (9) Hong Kong (10) Cyprus (11)…

Progress on EU/US bilateral agreement on insurance negotiations

Progress on EU/US bilateral agreement on insurance negotiations

Progress on EU/US bilateral agreement on insurance negotiations

Insurance Europe says it is encouraged by progress made in the recent round of negotiations between the EU and the US on a bilateral agreement on (re)insurance. Insurance Europe reaffirmed its strong support for a swift conclusion to the negotiations in the coming days, and said the agreement should lead to a national uniform treatment of all European (re)insurers placing…

London market insurers outline Brexit priorities

London market insurers outline Brexit priorities

London market insurers outline Brexit priorities

Companies in the London insurance market have identified four detailed priorities from Brexit negotiations, according to the International Underwriting Association (IUA) with the aim of maintaining London’s position as the largest global centre for commercial and specialty risk. Members of the association’s Legal and Regulatory Committee believe it is vital to maintain existing freedoms for insurance services, and any trade…

Malta captives focusing on bespoke policies and emerging risks

Malta captives focusing on bespoke policies and emerging risks

Malta captives focusing on bespoke policies and emerging risks

Owners of captives and cells in Malta are increasingly focused upon bespoke policies and emerging risks such as cyber, according to Karl DeGiovanni, deputy general manager at Aon Risk Solutions in Malta. He said that Aon Malta manages a wide range of insurance entities – pure captives, protected cell companies (PCC) and protected cells (PC) – through White Rock, an…