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Navigating Insurance’s Digital Highway Copy

From underwriting to reporting, the insurance industry is having to adjust and by choice or imposed, is embracing the digital evolution of its practices. On the reporting front, more tax authorities are forcing insurance companies to tailor their internal processes by jurisdiction, directly impacting the collection of information at the underwriting stage. Digitized services continue […]

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In Focus: Hungary – Taxpayers’ Categories

Just like in every jurisdiction, settling tax liabilities compliantly is important to avoid penalties and other consequences. But in Hungary there are additional benefits to a taxpayer if tax liabilities are settled as compliantly as possible. As of 1 January 2016, Hungary introduced the so-called taxpayers’ qualification system. This means the Hungarian Tax Office (HUTA) […]

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Location of Risk: The Rules and Exceptions to Look Out For

Location of Risk is the foundation of any discussion concerning Insurance Premium Tax (IPT). Once you have correctly established the Location of Risk on a policy, you are on the cusp of determining what indirect taxes are due. The rules can be complex and differ from country to country, so a robust apportionment and calculation […]

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Easing the Stress of IPT Filings

Insurance premium tax (IPT) deadlines – whether it’s month end, quarterly filing or end of year, can be stressful for insurance tax teams juggling regular workloads alongside the added pressure of ensuring filing is completed accurately and on time. To help, we wanted to offer some guidance on how to navigate deadline season successfully. Understand […]

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France – Insurers to Pay Part of the Covid-19 Bill

Since the Covid-19 outbreak, the insurance industry has been put under the spotlight in France, sometimes being the scapegoat for failing to compensate its insureds. Exceptional tax, insurance premiums frozen, contribution to Solidarity Funds and schemes are all examples of the measures taken. In this blog we detail the different steps taken by local authorities […]

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Portugal’s New Stamp Duty Requirements are Nearly Here – are you Ready?

The new stamp duty requirements in Portugal will come into effect in February 2021, having been previously delayed. The delay has given insurers extra time to prepare for the upcoming changes but even with that additional buffer, many may still be unsure of the requirements and what is expected of them. The new system will […]

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Data Accuracy for Insurers – The Cost of Getting it Wrong

With tax calculations being mainly data-driven in the insurance industry, it’s imperative that data provided is complete and accurate. Yet gaps in datasets and missing information still happen from time to time presenting a challenge for insurance companies. These gaps can cause a delay in filings which in turn, can lead to penalties and interest […]

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Technology Disconnect in Insurance – Why IPT Needs Prioritising

Many insurers still depend on legacy systems to file insurance premium tax (IPT). Whilst cost is sometimes the reason for this decision, some organisations simply don’t prioritise technology upgrades, instead, choosing to focus on initiatives that improve the customer experience or other business workflows. Can this situation continue? Unlikely for much longer, as more tax […]

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The Complexities for Insurers when Writing Insurance Through Third Parties

There are many different avenues an insurer can use to write insurance business. These include brokers, intermediaries and managing agents to name a few. When using a third party and looking at the rules around insurance premium tax (IPT) calculation and submission by each of the tax authorities, it can be difficult to know how […]

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Tax Management is Simpler if you Avoid this Common Mistake

Working with intermediaries in insurance is common practice. And using the knowledge and resources of an intermediary can deliver additional sales for an insurer without the need for internal resources. There are many benefits of working with a broker. Not only do they generate additional sales for the insurer, but they’ll also liaise with customers, […]

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The Impact of No Claims Bonuses on Insurance Premium Tax

There are two types of no claims bonus. The first one is a refund of premium at the end of the policy. This happens when, for example, a discount is given if a policyholder doesn’t make a claim on that policy or makes a claim that is smaller than agreed in the policy documents. The […]

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Brexit: Implications for Insurers as Year End Approaches

As 2020 draws to a close, Brexit is firmly back on the radar as a concern for businesses across Europe, and the insurance industry is no exception. With the end of the transition period rapidly approaching, the UK is on course to become a third country after 31 December 2020. The UK is currently seeking […]

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In Focus: Italian Registrations and the Filing Process

As an insurer authorised to write business in Italy, IVASS (Italian Insurers Supervisory Board) have provided you with the appropriate insurance certificate but what else is needed and what happens next? This is just the start of a lengthy and at times demanding journey towards insurance premium tax (IPT) compliance. At the outset, the insurer […]

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Who Bears the Cost of Insurance Taxes – the Insurer, or the Insured?

In most cases, the primary responsibility of calculating, reporting and settling insurance premium tax (IPT) remains with the insurance company. But similar to VAT and other indirect taxes, although the insurer acts as the collector and administrator, the economic cost is ultimately borne by the policyholder as the purchaser of the insurance. The cost can’t […]

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A Managed Approach to IPT Compliance

For cross-border insurers, navigating the complex tax landscape across multiple jurisdictions can feel overwhelming. Tax authorities continue to take measures to boost revenues, increase efficiency and reduce fraud.  There is a notable shift towards digital insurance premium tax (IPT) reporting, which places an additional burden on insurers. Ensuring that taxes are filed correctly and are […]

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In Focus: Europe’s Diverse Declaration Methods

There’s no harmonisation across Europe for how tax declarations are submitted. And methods vary tax by tax, country by country, and even region by region. This can be challenging for many insurers in not only meeting current requirements but in also keeping up with the ever changing insurance premium tax (IPT) landscape. Frequency Although there […]

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The Benefits of Insurtech to Captive Insurers

Tax filing, wherever you are in the world, is becoming increasingly complex, with regular rate updates and governments eager to close tax gaps via new mandates that demand real-time reporting. Despite this, many captive insurers still rely on resource-heavy, manual procedures to capture, validate and process large volumes of data. As well as taking significant […]

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Navigating Insurance’s Digital Highway

From underwriting to reporting, the insurance industry is having to adjust and by choice or imposed, is embracing the digital evolution of its practices. On the reporting front, more tax authorities are forcing insurance companies to tailor their internal processes by jurisdiction, directly impacting the collection of information at the underwriting stage. Digitized services continue […]

Read More