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Global Insurance Regulatory and Premium Tax Update – August 2018


This adviser provides a summary of the latest insurance regulation and premium-related developments affecting insurance contracts procured by a multinational group.

The update covers:

  • Canada – Quebec: Premium Tax
  • Hong Kong – Apology Ordinance
  • Indonesia – Marine Insurance for Cargo: Coal, Crude Palm Oil, and Rice
  • Kingdom of Saudi Arabia – Value Added Tax
  • Nigeria – Premium Rating
  • Malaysia – Reduction in Goods and Services Tax on Insurance Premiums
  • Peru – Fronting
  • Russia – Reinsurance 
  • Sri Lanka – Withholding Tax on Insurance Premiums 
  • Tanzania – Minimum Premium Rates 
  • Uganda – Cash Before Cover
  • United Arab Emirates – Value Added Tax 
  • Vietnam – Compulsory Fire and Explosion Charge Reduced
  • Zambia – Compulsory Health Insurance for Foreign Individuals
  • Zambia – Insurance Premium Levy Exemption