Portugal delays new stamp duty reporting system until 2021

Portugal delays new stamp duty reporting system until 2021

Portugal delays new stamp duty reporting system until 2021

Portugal is to delay the introduction of its new stamp duty reporting system until 2021, according to insurance premium tax compliance consultancy Impendulo. This is due to the delays caused by the current Covid-19 pandemic. Impendulo said the Portuguese tax authority has decided to defer the introduction of the new stamp duty reporting system to 2021, and reporting will be…

European policymakers urged to keep financial markets open

European policymakers urged to keep financial markets open

European policymakers urged to keep financial markets open

European and national policymakers have been urged to keep European financial markets open during the Covid-19 pandemic. A group of ten associations representing a range of financial services companies, exchanges, funds and consumers, including Insurance Europe, has written to various policymakers emphasising the importance of keeping European financial markets open. The group says that closing the markets would have a…

NAIC urged to discourage imposition of Covid-19 retroactive coverage

NAIC urged to discourage imposition of Covid-19 retroactive coverage

NAIC urged to discourage imposition of Covid-19 retroactive coverage

The American Property Casualty Insurance Association (APCIA) has said it is crucial to discourage efforts to impose retroactive coverage on insurance policies in relation to Covid-19. Speaking at the National Association of Insurance Commissioners (NAIC) online special session on Covid-19, David A Sampson, president and CEO of the APCIA, said: “Most importantly, it is vitally important to discourage efforts to…

IAIS tells supervisors to be vigilant of insurance digitalisation risks

IAIS tells supervisors to be vigilant of insurance digitalisation risks

IAIS tells supervisors to be vigilant of insurance digitalisation risks

Increasing digitalisation of insurance could unintentionally create risks of poor outcomes for policyholders and increased vulnerabilities for the sector as a whole, and supervisors must remain vigilant of such risks and consider appropriate and proportionate responses. This is the message from the International Association of Insurance Supervisors (IAIS), which acknowledges the tremendous opportunities for the sector from big data for…

IIF calls for unity in virus response and level playing field for all

IIF calls for unity in virus response and level playing field for all

IIF calls for unity in virus response and level playing field for all

The Washington-based Institute of International Finance (IIF) has called on international policymakers to maintain a united and coordinated response to the financial and economic threat posed by coronavirus and warned against regulatory arbitrage if some financial centres fail to fall into line. Dr Axel Weber, IIF chairman and chairman of the board of directors at UBS Group, and Tim Adams,…

UK government keeps IPT at 12% in Budget

UK government keeps IPT at 12% in Budget

UK government keeps IPT at 12% in Budget

Risk managers and insurers alike will be relieved that last week’s UK Budget saw no mention of insurance premium tax (IPT), with the rate remaining at 12%. However, despite no rise in the tax, it was noted by the insurance industry that the rate has not been explicitly frozen, nor reduced. Steve White, CEO of the British Insurance Brokers’ Association…

New data services solution from Axco

New data services solution from Axco

New data services solution from Axco

Axco has launched a new data solution that it said will enable better insurance market understanding for customers. The solution, Axco Data Services, comprises a state-of-the-art data platform as well as enhancements to Axco’s global statistics tool. According to Axco, the service reflects the growing value placed in global re/insurance market data and offers access to extensive reference data sourced…

Freeze or reduce IPT in budget, says UK insurance industry

Freeze or reduce IPT in budget, says UK insurance industry

Freeze or reduce IPT in budget, says UK insurance industry

Insurers and brokers in the UK have renewed their calls for the UK government to reduce or freeze the rate of insurance premium tax (IPT) in the upcoming Budget. The current rate is 12% – among the higher rates in Europe – and the insurance industry has been calling for a reduction, or a freeze, for a number of years.…

Self-Insurance Institute of America defends captives in light of IRS clampdown

Self-Insurance Institute of America defends captives in light of IRS clampdown

Self-Insurance Institute of America defends captives in light of IRS clampdown

The Self-Insurance Institute of America (SIIA) has defended captives in light of the US Internal Revenue Service’s (IRS) ongoing clampdown on ‘micro-captives’. Earlier this month, the IRS said it was to significantly increase enforcement activity and “vigorously pursue” those involved in micro-captives. The IRS issued IR 2020-26 announcing the results of a global settlement initiative offered last year to just…

ICS 2.0 a ‘major step’ to single global capital standard

ICS 2.0 a ‘major step’ to single global capital standard

ICS 2.0 a ‘major step’ to single global capital standard

The International Association of Insurance Supervisors (IAIS) has called the development of Insurance Capital Standard (ICS) Version 2.0, which has begun its five-year monitoring period, a major step forward to the ultimate goal of a single global capital standard for internationally active insurance groups (IAIGs). IAIS secretary general Jonathan Dixon said the ultimate goal is a single ICS that includes…

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