Academy Workshop: Global Risk – Insurance Premium Tax

The evolving landscape of multinational insurance and the ever-increasing focus on compliance continue to challenge all involved in the insurance industry.

With a focus on Insurance Premium Tax and other indirect taxes applicable to multinational insurance programmes, this session aims to simplify a complex topic and guide the audience through the key IPT considerations for any global insurance programme to ensure compliance.

In this session, we will cover:

• IPT and other indirect transactional taxes on insurance contracts or premiums

• The cost of compliance

• Location of Risk rules

• IPT implications of different programme structures, including:

o Freedom of Services

o Non-Admitted and DIC-DIL cover

o Financial Interest Clauses

• Premium Allocation methodology considerations

• Implications of non-compliance

By the end of the session, you will be able to:

1. Recognise the range of indirect taxes applicable to insurance contracts and global insurance programmes
2. Identify the key parties responsible for IPT compliance
3. Realise the cost/ impact of IPT on underwriting premiums
4. Appreciate the implications of different global programme structures and their impact on IPT requirements and costs
5. Explain the potential implications of non-compliance to both the insurer and policyholder

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