Bermuda added as EU tax haven, but government says listing is ‘temporary’

Bermuda added as EU tax haven, but government says listing is ‘temporary’

Bermuda added as EU tax haven, but government says listing is ‘temporary’

Bermuda has been added to a European Union list of “non-cooperative” jurisdictions, although the Bermuda Government insists that the listing will be temporary, and was due to a technical omission in its submission to the EU. The Council of the European Union adopted a revised EU list of non-cooperative jurisdictions for tax purposes. In addition to the five jurisdictions that…

OECD tax proposals go beyond taxation of digital business models

OECD tax proposals go beyond taxation of digital business models

OECD tax proposals go beyond taxation of digital business models

The Organisation for Economic Co-operation and Development’s (OECD) efforts to address taxation challenges that result from digitalisation would lead to fundamental changes in the existing international tax system, according to Insurance Europe. It said the OECD’s initial proposals go far beyond the mere taxation of digital business models. Insurance Europe said it believes that any adaptations should focus on aggressive…

China’s regulator orders insurers to strengthen supervision of their brokers

China’s regulator orders insurers to strengthen supervision of their brokers

China’s regulator orders insurers to strengthen supervision of their brokers

The China Banking and Insurance Regulatory Commission (CBIRC) has ordered insurance companies to strengthen supervision of their intermediary partners such as agents and brokers, according to a report in Caixin Daily. The Chinese publication said the move was part of an effort “to impose order on a chaotic and largely unregulated sector of the industry”. CBIRC stated in a notice…

New Estonian law opens market to insurance mutuals

New Estonian law opens market to insurance mutuals

New Estonian law opens market to insurance mutuals

Estonia has passed a new law that opens its market to mutual and cooperative insurance. The amendment to the Estonian Insurance Activities Act was passed by the Estonian Parliament and broadens the scope of insurance company structures in Estonia, recognising insurance associations, a type of mutual insurer, and European cooperative societies from March 2019. The Insurance Activities Act governs the…

New insurance industry initiatives for Guangdong, Hong Kong and Macao

New insurance industry initiatives for Guangdong, Hong Kong and Macao

New insurance industry initiatives for Guangdong, Hong Kong and Macao

New initiatives for the insurance industry have been announced by China’s State Council under its Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area. The initiatives include promoting cross-boundary renminbi reinsurance business; supporting joint development by insurance institutions in Guangdong, Hong Kong and Macao of innovative and cross-boundary motor vehicle and medical insurance products; exploring the development of a…

RPC’s insurance practice forges alliance with US law firm Hinshaw & Culbertson

RPC’s insurance practice forges alliance with US law firm Hinshaw & Culbertson

RPC’s insurance practice forges alliance with US law firm Hinshaw & Culbertson

The insurance practice of law firm RPC has entered into a strategic alliance with US firm Hinshaw & Culbertson. The firm, which has a strong insurance sector focus, is headquartered in Chicago and has 21 offices across the US including in New York, Massachusetts, Florida and California, and has a strong insurance sector focus. RPC said the new alliance will…

UK’s Brexit sovereign rating watch won’t trigger insurer downgrades: Fitch

UK’s Brexit sovereign rating watch won’t trigger insurer downgrades: Fitch

UK’s Brexit sovereign rating watch won’t trigger insurer downgrades: Fitch

UK insurer financial strength ratings will not automatically be affected by Fitch’s decision to apply a negative watch on the UK’s AA sovereign rating. Driven solely by the uncertainty surrounding Brexit, Fitch said the negative rating watch on the UK would not be enough to issue blanket downgrades on its insurers. “A one-notch sovereign downgrade would not, in itself, trigger…

Insurance Europe reiterates opposition to US BEAT regulations

Insurance Europe reiterates opposition to US BEAT regulations

Insurance Europe reiterates opposition to US BEAT regulations

Insurance Europe has again stressed that the US Treasury/Internal Revenue Service’s proposed Base Erosion and Anti-abuse Tax (BEAT) regulations are discriminatory towards non-US affiliate reinsurers. This is because BEAT applies to gross premiums paid to foreign affiliate reinsurers, but not to premiums paid to US-based affiliate reinsurers for the same type of transaction. Insurance Europe said that while it understands…

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