Tax and regulatory compliance

Insurers face growing tax administration, legislative and regulatory burdens. We can ease those burdens with data enrichment services that provide the relevant authorities with risk, claim or payment details in line with tax, regulatory or other compliance or custom.

• Taxation requirements: we carry out a technical review of the source insurance documents to identify the tax regime applicable (insurance premium taxes, stamp duties, levies etc.) and then validate the rates and premium calculations against third party source databases.  If required we can then enrich the contract record.
• Regulatory compliance: we carry out a technical review of the source insurance documents to identify the regulatory regime applicable (location of assured, situs of risk, distribution chain etc.) and then validate the information needed to ensure compliance. If required, we can then enrich the contract record.
• Binder declarations: we make sure binder declarations are compliant by carrying out a technical review of individual binder declarations against the terms of the master binding authority.
• Bespoke rules: we carry out any other technical checking based on rules agreed with the insurer.