Regulatory Analysis

Posted November 26, 2024 by Edit Buliczka
Hungary: Extra Profit Tax Amendments for 2025

The Hungarian Government issued a new government decree (no 356/2024) on 21st November 2024, which amends the extra profit tax regulations including the rules for insurance premium tax (EPTIPT). The new decree extends the extra profit tax on insurance premiums for another year. The updated termination date is 31st December 2025. Not only the applicable rates, […]

Read more
Posted October 18, 2024 by Edit Buliczka
Denmark: Change of Rates for Guarantee Fund Contributions From 2025

On 10th September 2024, the Danish Guarantee Fund (DGF) issued an order concerning the rate of contributions payable by insurers for 2025. The following non-life consumer policies will be subject to DKK 10 contribution: Family insurance policies Homeowners insurance policies Health insurances Change of ownership insurances Seller liability insurances Building/Construction damage insurance Motor insurance policies […]

Read more
Posted October 7, 2024 by Edit Buliczka
Ireland: Contributions to Motor Insurers Insolvency Compensation Fund (MIICF) Ends From 2025

On 1st of October 2024, the Irish Motor Insurance Bureau (MIBI) announced that in 2025 the contributions payable by the insurance companies to the Motor Insurers’ Insolvency Fund (MIICF) will end from 1st January 2025. The reason for this statement, published on their website, is that MIBI’s expects the value of the fund to exceed […]

Read more
Posted August 5, 2024 by Edit Buliczka
Denmark: Guarantee Fund Contribution is Payable for Risks in Greenland

On 29 June 2024, the Danish Guarantee Fund (DGF) issued an order on its website for Greenland about contributions to the Guarantee Fund for non-life insurance companies. The order applies to certain life insurance companies as well, however does not apply to non-life insurance companies that only underwrite motor liability insurance in Greenland on a […]

Read more
Posted July 2, 2024 by Edit Buliczka
Finland: Insurance Premium Tax Rate Change

On 28 June 2024, the Finnish Parliament approved the amendments to the Insurance Premium Tax (IPT) according to the government proposal (HE 61/2024). With the change (article 3) in the law, the IPT will rise from 24 percent to 25.5 percent. This change is in line with the Value Added Tax (VAT) rate change. The […]

Read more
Posted June 4, 2024 by Edit Buliczka
Belgium: Deadline to Declare IPT on Broker Fees Postponed Again to October 2024

The deadline for declaring the Insurance Premium Tax (“IPT”) on earnings such as commissions received by an intermediary in connection with the provision of insurance services, has once again been extended. The new deadline has been established for 20th October 2024. The previously released return template has been also revised in order to incorporate the […]

Read more
Posted March 27, 2024 by Edit Buliczka
Hungary: IPT rate change

The Hungarian Government recently announced a new Government Decree (No. 52/2024), which alters the existing IPT regulations. The rules outlined in this decree have not been integrated into the IPT law (No. 102/2012), and apply from the April 2024 period which is due to be settled by 20th May 2024. According to the new rules, […]

Read more
Posted March 11, 2024 by Edit Buliczka
Austria: New IPT Settlement Form Published

The Austrian Tax Office recently released a new report form (Form6) for settlement of Insurance Premium Tax (IPT). This new template complies with both changes in the IPT regulation of last July and the Decree of the Ministry of Finance issued in December 2023. In summary, the modification to Section 7 of the IPT law […]

Read more
Posted March 4, 2024 by Edit Buliczka
Belgium: Deadline to declare IPT on Broker Fees Set for June 20

The scope of Insurance Premium Tax (“IPT”) has been extended to brokers and intermediaries by the Act from 28 December 2023. As a result, beginning in 2024, income, such as commissions, received by an intermediary in connection with the provision of insurance services, will be liable for IPT when provided under a contract separate to […]

Read more
Posted February 29, 2024 by Edit Buliczka
France: Changes in Insurer Contributions of Civil Liability Vehicle Insurance Policies

The recent Order from 30 January 2024 has amended the rate and the calculation basis for the insurer’s part of the contribution that is payable to the National Guarantee Fund. More specifically, it has changed the contribution payable by the insurers on premium amounts covering civil liability risks resulting from accidents caused by motorised land […]

Read more
Posted February 5, 2024 by Edit Buliczka
Hungary: Last minute change for filing and payment of extra profit tax for 2023

The Government Decree of 197/2022, which regulates extra profit taxation (EPTIPT) in Hungary, has recently been changed. The amendment was issued last Thursday and became effective on January 26, 2024. This amendment affects the declaration and payment of the 2023 EPTIPT, which was due on January 31, 2024. According to the new rules, the amount […]

Read more
Posted January 12, 2024 by Edit Buliczka
France: IPT exemption on electric cars has been extended

The 2024 Finance Budget Law, announced on December 30, 2023, is set to revise Article 995 of the General Tax Code (GTC) and will have an impact on insurance contracts that receive exemption from insurance premium tax (IPT) in France. In 2020, a new exemption was implemented as of January 2021 up until the end […]

Read more
Posted January 11, 2024 by Edit Buliczka
France: Substantial CATNAT premium rate increase as of January 2025

On 28th December 2023, a new Order was published in the French National Gazette about change of the rates of the so called CATNAT additional contribution relating to the “natural disaster” guarantee for insurance contacts that cover fire damage or any other type of property damage, as well as damage to the bodies of motorized […]

Read more
Posted January 11, 2024 by Edit Buliczka
Norway: Road Traffic Insurance Tax Rate change

In the 2024 budget, announced on 18th December 2023, the new tax rates for the Road Traffic Insurance Tax, which is included in the Excise Duties Act, have been set. The new rates are applicable from 1st March 2024. Except for Group f): motor vehicles that only use electricity for propulsion, the daily fixed rates […]

Read more
Posted January 9, 2024 by Edit Buliczka
France: Guarantee Fund Contributions for Victims of Terrorism has been increased

On 28 December, a new ministerial decree was published in the French Official Journal. The new decree increases the amount of the contribution to the Guarantee Fund for victims of acts of terrorism and other offences from EUR 5.90 to EUR 6.50. The new rate takes effect on 1 July 2024 for insurance contracts maturing […]

Read more
Posted December 20, 2023 by Edit Buliczka
Italy: Road Accident Victims Fund Contributions (RAVF) cancelled for foreign insurers

On December 13, a new legislative decree (No. 184 pf 22 November 2023) was published in the Italian Official Gazette. This decree is transposing the rules of Directive No. 2021/2118 of November 24 (the Directive), which is the amendment of the Sixth Directive on Motor Insurance (Directive 2009/103/EC ), into Italian law. According to the […]

Read more
Posted December 18, 2023 by Edit Buliczka
France: National Guarantee Fund Contributions cancelled for foreign insurers

On December 7, a new ordinance (No. 2023-1138 of December 2023) was published by the French Ministry of Economy, Finance and Industrial and Digital Sovereignty. This ordinance is transposing the rules of Directive No. 2021/2118 of November 24 (the Directive), which is the amendment of the Sixth Directive on Motor Insurance (Directive 2009/103/EC ), into […]

Read more
Posted December 11, 2023 by Edit Buliczka
Italy: the 2024 IVASS Management Fee has been published

The Institute for Insurance Supervision (IVASS) in Italy has published the management charge rate for the year 2024. The rate has been increased from 4.26% to 4.37%. 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.

Read more