Regulatory and tax compliance is an increasingly important issue for senior executives and risk managers of multinational companies.
Marsh’s specialist Insurance Regulatory and Tax Consulting (IRT) Practice addresses the complexity of global insurance program compliance issues.
The IRT Practice is dedicated to providing multinational companies with support and information to help them evaluate regulatory and premium related tax risks arising from their insurance and alternative risk-financing programs in all parts of the world.
Our team can provide the following services
- Regulatory and tax review: Review of current global insurance programmes to identify insurance regulatory and tax issues.
- Pre-renewal strategy: Participate in pre-renewal strategy meetings with the organisation’s brokers and professional legal and tax advisers to define viable compliant global insurance programme options.
- Placement strategy: Contribute decisively to discussions regarding the design of the organisation’s international global insurance programme, addressing local policies and respective limits.
- Premium allocation methodology: Review current premium allocation methodology and consider how it could be restructured optimally.
- Premium allocation model design: Design a “fit for purpose” premium allocation model considering factors relevant to the operations of the multinational company. Through use of the model, provide recommendations on how to allocate global premiums in light of specific regulatory and tax issues.
- Risk financing structures: Identify current regulatory and tax issues, and provide appropriate suggestions. Offer expert support in identifying and tackling tax issues in countries with complex insurance regulatory legislature, such as Canada, Australia, USA, etc.
Recent Regulatory Changes
The global environment with respect to insurance requirements, premium taxes, and insurance compliance regulations continues to undergo significant changes, recent events include:
- Insurance supervisors and tax authorities entering into bilateral and multilateral arrangements to exchange information about the activities of insurance companies and multinational companies.
- Environmental, Social and Governance (ESG) criteria has become a priority and a point of attention that needs to correspond with the current business model and trends.
- The decisions by European and USA courts, compounded by an increase in proactive premium tax audits by various tax authorities in Australia, Belgium, Germany, Switzerland, and the USA.