Regulatory Analysis
Ireland has now fixed the rate of MIICF contributions to be paid to the Motor Insurers’ Bureau of Ireland (“MIBI”) for 2024. The rate was reduced from 2% to 1%, as outlined in the Insurance Act 1964 (Adjustment of Percentage Rate) Order 2023 (S.I. No. 507/2023).
On November 3, 2023, the Danish Guarantee Fund announced on its website the contribution fixed rates for 2024. The rates remained unaltered, implying that in 2024 the Guarantee Fund must continue to collect DKK 30 per insured under occupational accident insurance and DKK 40 per policy for the following insurances: Family insurance policies Homeowners insurance […]
The Motor Insurers’ Bureau of Ireland (“MIBI”) published a new notification on its website on October 11, 2023. According to this notification, the Minister announced that the annual percentage rate of the contributions to the Motor Insurers Insolvency Compensation Fund (MIICF) will be reduced from 2% to 1%. The revised rate will be effective from […]
The Danish Guarantee Fund (“DGF”) published a new notice on its website on October 2, 2023. The new guidance informs non-life insurance companies, including foreign insurance companies with branches in Denmark and those writing business in Denmark on a Freedom of Services (FoS) basis, that the Danish Financial Supervisory Authority has announced that it will […]
The Bulgarian Tax Office (“National Revenue Agency” or “NRA”) announced on its website, on September 20, 2023, that payments to the NRA should be paid to new bank accounts. The new bank accounts will be implemented for payments beginning in October 2023. There will be five bank accounts where taxes, social security and health payments, […]
Following the previously announced delay to the mandatory online submission and direct debit settlement of IPT in France until 2025 at the latest, the General Directorate of Public Finances has now confirmed that this transition will take place with effect from January 1, 2024. This means that IPT liabilities incurred in the January 2024 period […]
The Act on Guarantee Fund for Non-Life Insurance Companies, executive order no. 2067, has been amended recently by Act no. 480. The main change is that the scope of insurance companies liable to make contributions to the Guarantee Fund in Denmark has been extended to include life insurers writing occupational accidental insurance / industrial injury […]
On 14 June 2023, the government bill Tax Amendment Act 2023 – AbgÄG 2023 was approved amending The Insurance Tax Act 1953. The amendment enables third country domiciled insurance companies to register and settle Insurance Premium Tax (IPT) liabilities directly with the Austrian tax authority. Previously it was the responsibility of the policyholder or an […]
New regulations were recently adopted concerning the contributions to be paid to the Romanian Guarantee Fund (Fondul de Garantare a Asiguraților). Prior to this, contributions to the Romanian NGF (now known as the NGF contribution) were only payable by domestic insurers that were authorized by the Romanian Financial Supervisory Authority (ASF), including the activity of […]
The Hungarian Government has modified the government decree (No. 197/2022) regulating the imposition of extra profit taxes as part of the 2024 Bill again. The new decree (No. 206/2023) published in the Hungarian National Gazette on 1 June 2023 is in effect as of 2 June 2023. The new decree extends the extra profit tax […]
From 1 January 2023, changes have been made to how the Financial Ombudsman and its office are financed. The Ombudsman Act (2015/1348) was revised by the Act of 2022/2640, which also abolished prior regulations. The new rules don’t specify advance payments, and both filing and payment are annual. The annual fee is based on the […]
The 2023 French budget (2022-1726 of December 30, 2022) was published on 30th December 2022. Among several changes in the tax legislation, there was a change in the so-called Rural and Maritime Fishing Code. This Code regulates the additional contribution on premium amounts that relates to insurance agreements on agricultural operations covering Damage to buildings […]
The Norwegian Tax Authority have released the new tax rates for the Road Traffic Insurance Tax, the increase in the rates will come into effect from 1st March 2023. As before, the rates vary depending on the type of vehicle as displayed below: Type of Vehicle Traffic insurance contract that is taken […]
The Hungarian government published a new decree (No. 258/2022) on 24 December 2022. It was enforced on 25 December 2022 and modifies the initial government decree (No. 197/2022) regarding the imposition of extra profit taxes. It’s the second revision to the initial decree within six months that changes the requirements for the so-called insurance extra […]
The French Parliament approved the Finance Bill for 2023 (“2023 Bill”) on 17 December 2022. It includes an amendment to Article 166 of Finance law no. 2019-1479 of 28 December 2019 for 2020. Whilst only the date has changed from 2023 to 2025, this has a huge impact on the settlement of French insurance premium […]
On the 19 December 2022, the Agencia Estatal de Administración Tributaria (AEAT) published the new Modelo 480 for future submissions, including 2022, in the Spanish Gazette. Alongside this, an extension for the annual tax submission has been confirmed, with submissions allowed up to 31 January. This is a positive change as it allows for more […]
The Institute for Insurance Supervision (IVASS) in Italy has published the management charge rate for the year 2023. It set the rate for 2023 at 4.26%. The management charge reduces the taxable basis applied to the Road Accident Victims Fund (RAVF) and Hunting Accident Victims Fund (HAVF) and is published annually in November.
On 13 May 2022, the Official Gazette of the Republic of Slovenia (no. 68/22) published a decree which amended the Decree on Fire Fee (FBT). The decree came into force on the fifteenth day following its publication and its rules are effective from 1 October 2022. The decree increased the rate of the FBT from […]