Stories that are tagged 'insurance'

	Qatar DTA Will Boost Investment In Bermuda, Says Cox 5/11/2012 Bermuda's Premier, and Minister for Finance, Paula Cox, has stressed that the signing of a Double Tax Agreement with Qatar will significantly strengthen the territory's ability to act as a western hub for the Islamic financial services industry.
	Hungary To Abolish Bank Tax 5/11/2012 The Hungarian government has announced plans to halve the country’s bank tax in 2013, before subsequently abolishing the levy in 2014.
	IMF Identifies Risks In Swiss Banking Sector 5/11/2012 The International Monetary Fund has said in its latest Article IV consultation with Switzerland that, while the fiscal position is healthy, there remain a number of risks to the country's financial services sector, amid the possibility of a real estate bubble.
	Jersey Enhances Regulatory Cooperation With Germany 5/9/2012 The Jersey Financial Services Commission has announced the signing of a cooperation agreement to boost its relationship with the German banking, insurance and investment firms' regulator, the Bundesanstalt fur Finanzdienstleistungsaufsicht.
	Offshore Merger And Acquisition Activity Rises 5/9/2012 A new report from Appleby shows that transaction values for mergers and acquisitions (M&A) in major offshore financial centers rose by 25% in the first quarter of 2012.
	HMRC Issues Electrician Amnesty Reminder 5/7/2012 HM Revenue and Customs has issued a reminder warning electricians that they have only a limited time left to register for a tax amnesty scheme that would allow them to pay any undisclosed tax owed.
	Report Shows Incentives For US Companies To Drop Health Cover 5/4/2012 In a new report prepared for the House of Representatives Ways and Means Committee, data from United States Fortune 100 companies show that they could save significant amounts under the new health care law by simply terminating health insurance for their workers and putting those employees into taxpayer-funded health care exchanges.
	Insurance Ratings Agency Establishes DIFC Office 5/4/2012 A.M. Best, a leading provider of credit ratings and financial data for the insurance industry, has received the necessary approvals to begin regional business from the Dubai International Financial Centre.
	UK, EU Talk 'Shadow Banking' Regulation 5/1/2012 At a conference on ‘shadow banking’ in Brussels, both Michel Barnier, European Commissioner for Internal Market and Services, and Paul Tucker, the Bank of England’s Deputy Governor for Financial Stability, have outlined their views on policies for its better regulation.
	Bermuda Financial Services Conference Hailed Success 4/30/2012 Bermuda has welcomed the success of the Annual Bermuda Financial Services Conference, held in London on April 24, 2012, which attracted an audience of more than 260 leading lawyers, accountants and financial services executives.
	Bermuda Signs TIEAs With Italy, Malaysia 4/27/2012 Bermuda Premier Paula Cox on April 23 signed additional tax information exchange agreements with Malaysia and Italy in London.
	Captive Insurers Increasingly Staying Onshore 4/20/2012 Corporates are more likely to form new captive insurance entities in onshore territories, such as in the United States and the European Union, and to opt for alternative captive structures, according to the findings of a new report.
	Canada, Chile Expand FTA 4/18/2012 Canada and Chile have signed a modernized and expanded free trade agreement, designed to deepen commercial ties between the two countries.
	Bermuda Remains Attractive To Reinsurers 4/17/2012 Bermuda has attracted eight highly-capitalized reinsurers holding Class 4 licenses in the past five years, with more than USD8bn in fresh capital, highlighting the territory's capability, and growth potential, as a top three reinsurance centre globally despite increased competition and the financial crisis, the government has said.
	South Africa Consults On Long-Term Insurers' CGT 4/18/2012 With regard to the proposals announced in the South African 2012/13 Budget in February this year, the National Treasury has released for public comment details on how increased capital gains tax rates will be applied to long-term insurers.
	UK Due To Introduce Tax-Transparent Pooled Fund Structure 4/10/2012 Northern Trust has confirmed that it will offer the incoming UK tax-transparent pooled funds structure, when regulations permitting the vehicle become effective in the UK in late summer 2012.
	Bermuda Welcomes Significant New Reinsurer 4/10/2012 The Bermuda government has welcomed the news that a new reinsurance entity will set up shop in Bermuda from June 1, 2012, as part of a joint venture between Validus Group and hedge fund manager John Paulson.
	Swiss Re Corporate Solutions Establishes Dubai Office 4/9/2012 The Dubai Financial Services Authority has granted Swiss Re Corporate Solutions a licence to operate in the Dubai International Financial Centre.
	WTO Makes UAE Trade Recommendations 4/9/2012 The United Arab Emirates plays an important role in the multilateral trading system and has taken bold steps to diversify the economy away from oil and gas, according to the World Trade Organisation.
	US Approves Final Rule On Shadow Banking 4/6/2012 The United States Financial Stability Oversight Council has issued its final rule and interpretive guidance on the Federal Reserve Bank’s authority to require supervision and regulation of nonbank financial companies.
	Hong Kong Launches New AML/CFT Regime 4/2/2012 Legislation which was approved by the Legislative Council in June 2011 and which will enhance the Hong Kong financial sector’s anti-money laundering and counter-financing of terrorism regime went into effect on April 1.
	Bermuda Slashes Fees For Special Purpose Insurers 3/30/2012 The Bermuda Monetary Authority has announced its decision to almost halve registration fees for Bermuda Special Purpose Insurers.
	Gibraltar Continues Financial Sector Support To Africa 3/30/2012 Gibraltar's Financial Services Commission has announced the recent completion of two further assignments as part of an initiative to assist international improvements in financial sector supervision, particularly in African nations.
	Hollande Seeks To Reduce Tax On Health Insurance 3/29/2012 French presidential candidate François Hollande has recently confirmed his intention to reinstate the 3.5% tax on complementary health insurance contracts.
	Hong Kong Reviews Insurance Sector Developments 3/28/2012 During his remarks to the Hong Kong Federation of Insurers, the Secretary for Financial Services and the Treasury, Professor K C Chan, reviewed recent developments in the insurance industry, that have 'played an important part in the development of financial services in Hong Kong'.
	IMF Warns Of Swiss Financial Sector Risks 3/28/2012 While the Swiss economy is seen as 'fundamentally strong', the International Monetary Fund has urged Swiss authorities to focus efforts towards strengthening safeguards for the financial services industry, and preventing a possible real estate bubble.
	Turks And Caicos On The Mend After Fiscal Reform 3/23/2012 The Chief Financial Officer of the Turks and Caicos Islands interim government, Hugh McGarel-Groves, has reported significant progress towards correcting the territory's deficit after a raft of measures introduced last year.
	Guernsey Is Europe's Captive Domicile Of Choice 3/22/2012 Newly-published research from Business Insurance magazine shows that Guernsey has extended its position as the largest captive insurance domicile in Europe and remains number four globally.
	FSB Looks For More Robust External Audits For Banks 3/21/2012 The Financial Stability Board, as part of its work to develop and promote the implementation of global regulatory and supervisory financial sector policies, has re-emphasized the importance of work to improve the role that external audits play in providing information to prudential regulators of financial institutions.
	Hong Kong's Insurance Business Continues Growth 3/19/2012 Total gross premiums of Hong Kong’s insurance industry grew by 9% last year to HKD225.8bn, the Office of the Commissioner of Insurance has announced.
	Interest In Guernsey As A Film Finance Centre Grows 3/16/2012 Guernsey's latest London seminar, to showcase the island's offerings as a leading international film finance centre, has been hailed a success after attracting an audience of over 100 senior members of the UK film community.
	PNL Pioneers New Offshore Insurance Products 3/14/2012 Paul Napier Ltd, an independent Lloyd’s insurance broker that specialises in the provision of professional and financial Lines insurance classes to the offshore financial services industry, has announced the arrival of a new range of insurance products for the UK and international offshore financial services industry including the trust, family trust, fiduciary and corporate service provider sectors.
	US Court Closes Employee Insurance Benefit Tax Scheme 3/12/2012 The United States Justice Department has announced that a federal court has permanently barred the operation of an alleged scheme that helps high-income individuals attempt to avoid income taxes by funnelling money through purported "welfare benefit plans”.
	Irish Tax Revenues Ahead Of Target 3/8/2012 Irish tax revenues rose considerably in January and February, largely due to delayed corporation tax receipts and the technical reclassification of some income tax revenue.
	Morocco Pursues Innovative Financial Centre Course 3/7/2012 During a recent seminar in Casablanca, Morocco’s Secretary General at the Finance Ministry Khalid Safir alluded to the latest financial innovations that have taken place in Morocco, and outlined the government’s future plans for the country’s financial centre.
	HK Firms Face Chinese Barriers Despite CEPA 3/2/2012 Following questions in Hong Kong’s Legislative Council, the Secretary for Commerce and Economic Development, Gregory So, has given an assurance that the government will continue to monitor the operation of market liberalization measures under the Mainland and Hong Kong Closer Economic Partnership Arrangement.
	Bermuda Insurance Sectors Withstand Challenging 2011 3/2/2012 The Bermuda Monetary Authority has announced that the Bermuda insurance market remained resilient and continued to absorb the impact of adverse events, including a continued softening of prices, low interest rates and above-average losses from natural catastrophes during 2011.
	Mixed Fortunes For Cayman Finance Industry 3/1/2012 The Cayman Islands' Economics and Statistics Office has reported that the island's economy began to recover from the economic downturn during the first nine months of 2011, with growth of 1.2% year-on-year recorded, compared to a contraction of 5.8% in the same period a year earlier. However, the financial services sector continues to see mixed results.
	China To Expand Health Insurance Coverage 2/24/2012 During a meeting on February 22 of the State Council, which was chaired by the Chinese Premier Wen Jiabao, new health insurance reform objectives were established for the period of the 12th Five-year Plan (2011-2015).
	Obama Proposes Corporate Tax Cut 2/24/2012 The United States Treasury has issued a report presenting President Barack Obama’s revenue-neutral proposals for corporate tax reform, cutting the tax rate to 28% from the current 35% rate, but also closing loopholes used by corporations to reduce their tax burdens.
	UK Insurers Braced For FATCA Impact 2/23/2012 Proposed US regulations will impact on UK insurers in spite of hopes that they might have been excluded from the Foreign Account Tax Compliance Act regime.
	Greece Agrees EUR3.3bn Savings Plan 2/21/2012 Just ahead of a planned meeting of eurozone finance ministers in Brussels, the Greek cabinet has unanimously approved a final series of austerity measures totalling EUR325m (USD429m) to secure the EUR130bn bailout agreement from international lenders including the European Union and the International Monetary Fund, vital to avoiding bankruptcy.
	IMF Welcomes Trinidad And Tobago Fiscal Progress 2/14/2012 Welcoming measures taken to date by Trinidad and Tobago, the International Monetary Fund in its latest report has urged the importance of ensuring that the territory continues to appeal to international investors when it begins to reverse fiscal stimulus and considers measures to consolidate the territory's deficit.
	Captive Insurers Flock To Cayman Islands 2/14/2012 The number of captive insurance companies formed in the Cayman Islands increased markedly during 2011, a trend that is expected to continue into 2012, according to Cindy Scotland, the Managing Director of the Cayman Islands' Monetary Authority.
	IoM Consults On Ombudsman Scheme Changes 2/14/2012 The Isle of Man's Office of Fair Trading is proposing to increase the maximum award limit under the Isle of Man Financial Services Ombudsman Scheme from GBP100,000 to GBP150,000.
	Switzerland Steps Up Plans To Abolish Stamp Duty 2/13/2012 The Committee for Economic Affairs and Taxation of the Swiss National Council has recently announced that it has adopted a bill providing for a revision of the federal law on stamp duty.
	Financial Sector Concerns Persist Despite US FATCA Relaxations 2/13/2012 Despite an attempt to reduce the administrative burden imposed on them within the newly-announced draft regulations for implementing the United States Foreign Account Tax Compliance Act, foreign financial institutions remain concerned at the costs they will still have to bear, and at the uncertainties that still remain.
	US To Cooperate With EU Countries On FATCA 2/10/2012 The United States Treasury Department and the Internal Revenue Service have issued proposed regulations for the next major phase of implementing the Foreign Account Tax Compliance Act, which also includes a joint statement with France, Germany, Italy, Spain and the United Kingdom on a possible government-to-government framework for information exchange.
	Canadian Financial System Doing Well, FSB Says 2/7/2012 The Financial Stability Board has praised the Canadian government's response to the global financial crisis and highlighted the resilience of the country’s financial system.
	Hong Kong To Set Up Insurance Fund 2/2/2012 Hong Kong’s government has announced the consultation conclusions and final proposals on the proposed establishment of an insurance policyholders' protection fund.
	Hong Kong To Implement AML Guidelines 2/1/2012 Following the release of a set of consultation conclusions, Hong Kong’s Securities and Futures Commission has announced the gazetting of a new set of guidelines on anti-money laundering and counter-terrorist financing, which will take effect on April 1, 2012.
	Swiss Financial Market Regulation Praised 2/1/2012 According to the Swiss Federal Department of Finance, the Financial Stability Board has taken a positive view of the 'too big to fail' legislation in its peer review report on Switzerland.
	US Treasury Aims To Lower FATCA Burdens 1/30/2012 During her remarks at the New York State Bar Association Annual Meeting, Acting Assistant Secretary for Tax Policy, Emily McMahon, indicated that regulations for the implementation of the provisions of the Foreign Account Tax Compliance Act are in the final stages of clearance at the United States Treasury and the Internal Revenue Service.
	Time For Tax Transparency, Says UK Lawmaker 1/27/2012 UK taxpayers could receive yearly statements detailing how their money is spent, under new legislation put forward by a member of parliament.
	Swiss Financial Centre 'Faces Uncertain Times' 1/26/2012 According to a recent study conducted by the Swiss independent economic research institute BAK Basel, the Swiss financial sector will decline in importance at international level over the course of the coming years, resulting in thousands of job losses in the sector.
	Guernsey Reports Inflow Of Insurance Companies 1/18/2012 The number of insurance licenses issued in Guernsey last year rose more than 50% compared to the previous 12 months, the Guernsey Finance Services Commission has reported.
	Malta Finance Centre In Good Shape 1/18/2012 Malta's efforts to establish itself as a dynamic, cost-efficient, financial services domicile is paying dividends, according to promotional agency MaltaFinance, which has highlighted that each of the island's financial services sectors, insurance, banking, trusts and funds, recorded solid performance during 2011.
	Bermuda To Withstand Competition 1/17/2012 In a spirited address to Bermuda's House of Assembly, Bermuda's Premier and Minister of Finance Paula Cox sought to allay fears that the Cayman Islands, in its proposals to diversify its economy to attract insurance companies, could present a challenge to Bermuda's position as the world-leading domicile for (re)insurance entities.
	Algerian President Inks 2012 Budget 1/12/2012 Algerian President Abdelaziz Bouteflika has recently signed the country’s 2012 finance law, providing for a budget deficit of 25.4% of gross domestic product, compared to a provisional deficit of 34% for 2011, without the introduction of any substantial taxes, and based on growth for this year of 4.7% and inflation of 4%.
	Guernsey Structure Employed In UK Mortgage Scheme 1/12/2012 Guernsey’s Protected Cell Company legislation will be used to create an insurance company which will underpin a new scheme being introduced in the United Kingdom to allow lenders to offer larger mortgages to home buyers.
	Latest Canadian Automobile Deduction Limits Announced 1/2/2012 The Canadian government has released its automobile expense deduction limits and the prescribed rates for the automobile operating expense benefit that will apply in 2012.
	New Year Tax Misery In Canada 1/2/2012 There will be winners and losers when the new year brings in major payroll and pension tax changes in Canada, the Canadian Taxpayers Federation has said.
	Switzerland, Japan DTA Revisions Soon In Force 12/30/2011 The Swiss Federal Department of Finance has recently announced that the revised bilateral double taxation agreement between Switzerland and Japan, signed on May 21, 2010, will enter into force on December 30, 2011.
	Malta Strengthens Regulatory Ties With Slovakia 12/23/2011 The Malta Financial Services Authority has signed a cooperation agreement with the National Bank of Slovakia.
	IoM Revises Insurance Regulations 12/21/2011 The IoM's Insurance and Pensions Authority has issued the Insurance (Solvency) (Amendment) Regulations, which were laid before the island's legislative assembly on December 13, 2011.
	Cayman Named Top Hedge Fund Domicile 12/21/2011 The Cayman Islands was named as the most favoured domicile for hedge funds in the recent Hedge Funds Review’s Service Provider Rankings.
	China, Hong Kong Sign CEPA Supplement VIII 12/16/2011 The Hong Kong and Chinese governments have agreed to boost their economic and trade co-operation by signing the eighth Supplement under their bilateral Closer Economic Partnership Arrangement.
	Monti Agrees Changes To Italian Budget Measures 12/16/2011 While Prime Minister Mario Monti had previously stressed that there was little room for changes to Italy’s latest budget, the final version of the bill currently going through parliament does include modifications agreed by the government, which are said to make it more 'equitable'.
	HMRC Helps Employers Improve PAYE Systems 12/14/2011 HM Revenue and Customs is to help out at those businesses experiencing the most issues with data quality, in a drive to help employers improve their 'Pay As You Earn' information.
	Hong Kong Rated Leading Financial Centre 12/15/2011 The World Economic Forum has disclosed that Hong Kong has overtaken the United States and the United Kingdom to top its 2011 fourth annual Financial Development Report.
	Cayman To Target Reinsurance Business 12/15/2011 Cayman Islands Premier McKeeva Bush has outlined plans to introduce a streamlined work permit regime to encourage reinsurance business to the islands.
	Bermuda Amends Insurance Regime 12/13/2011 Bermuda's House of Assembly has passed amendments to the island's legislative regime for the insurance industry, and set fee levels for 2012.
	Switzerland To Abolish Issuance Stamp Duty 12/7/2011 Following careful examination of its fiscal priorities, Switzerland’s Federal Council has decided to abolish the stamp duty on the issuance of corporate capital and improve the tax system for married couples.
	TCI Interim Government Announces Fresh Tax Hikes 11/25/2011 The Turks and Caicos Islands interim government has announced new tax hikes aimed at reducing the budget deficit, which has increased on the back of the territory's political and economic problems.
	EU Looks To Strengthen Credit Rating Framework 11/18/2011 Despite the adoption of European Union legislation on credit rating agencies in 2009 and 2010, the European Commission believes that recent developments in the context of the euro debt crisis have shown the existing regulatory framework is not sufficient, and it has put forward proposals to deal with perceived outstanding weaknesses.
	UK PPI Claimants To Pay Tax On Interest 11/16/2011 UK Bank customers who were mis-sold payment protection insurance could now feel the force of the taxman, with the interest payments made alongside compensation claims now liable for tax.
	French Senate Approves Amended Social Security Bill 11/16/2011 The French Senate has recently adopted on a first reading the country’s 2012 social security finance bill, providing notably for the abolition of the tax exemption accorded for overtime hours.
	Russian WTO Accession Terms Published 11/16/2011 The World Trade Organization has published comprehensive details of the tax and trade commitments made by Russia as part of its accession bid, due to be deliberated upon at the WTO Ministerial Plenary in December at which Russia is tipped to be granted membership to the global trade body.
	French Senators Vote No To Double Health Insurance Tax 11/11/2011 Within the framework of its examination of France’s 2012 social security bill, the French Senate, with its left-wing majority, recently opposed government plans to double the 3.5% tax levied on complementary health insurance contracts.
	EU To Strengthen Financial Conglomerate Supervision 11/11/2011 The European Council, at its meeting on November 8, adopted a new directive amending the existing financial conglomerate directive, which is intended to ensure appropriate supplementary supervision of financial entities in a financial conglomerate, and to adapt the supervision of financial conglomerates to the new supervisory structure in the European Union.
	IOM Promotes Island's Captive Insurance Capabilities 11/8/2011 The Isle of Man Captive Association recently attended the Federation of European Risk Management Association Conference in Stockholm as part of ongoing efforts to promote the island as the captive insurance domicile of choice.
	Guernsey Confirmed As A Leader In Financial Stability 11/9/2011 The Guernsey authorities have welcomed a report commissioned for the recent G20 summit which recognizes that the jurisdiction has demonstrated strong adherence to international co-operation and information exchange.
	Canada Consults On Income And Sales Tax Changes 11/3/2011 The Canadian government has unveiled a package of draft legislative proposals relating to income and sales tax regulations.
	UK 'Business Friendliness' Declines 11/3/2011 More UK companies perceive the UK as less business-friendly than a year ago, particularly as a result of new regulatory burdens introduced during 2011, according to a recent report from the Institute of Chartered Accountants in England and Wales.
	Cayman Captive Insurance Market Grows 11/3/2011 The Cayman Islands Monetary Authority has reported a 93% increase in captive insurance company formations during the first nine months of 2011 compared to the same period in 2010.
	Progress Reported On HK/China Equity Investment Scheme 10/28/2011 In his written answer to a question in Hong Kong’s Legislative Council, the Secretary for Financial Services and the Treasury, Professor K C Chan, confirmed that significant progress is being made on allowing investments in the mainland Chinese equity market by means of the Renminbi Qualified Foreign Institutional Investor scheme.
	Bermuda Makes Strides On Solvency II Equivalence 10/27/2011 The Bermuda Monetary Authority in its latest Regulatory Update for the third quarter of 2011 said that significant progress has been made on Bermuda's equivalence with the European Union's Solvency II principles, which require that insurance companies maintain financial buffers against the risk of insolvency.
	Labuan Attracts Captive Insurance Business 10/21/2011 Its Chief Executive Officer David Kinloch has said that the attractions of the Labuan International Business and Financial Centre for captive insurance companies are increasingly being recognized, and the sector is expected to expand significantly next year.
	New Zealand Tax Man Targeting Overseas Accounts 10/19/2011 New Zealand Inland Revenue has issued a revenue alert advising people that they are required to declare all income from foreign sources.
	US Reinsurance 'Loophole' Closer Reintroduced 10/18/2011 Legislation has been reintroduced in both the United States House of Representatives and the Senate to close what is called an 'unintended tax loophole' that provides foreign-owned insurers a significant advantage over their US competitors in serving the domestic market.
	Canada Clarifies Corporate E-File Rules 10/14/2011 Proposed changes to Canada's Income Tax Regulations will mean that specified businesses must comply with mandatory electronic filing requirements for their tax returns.
	US Congress Finally Passes FTAs 10/14/2011 Both the House of Representatives and the Senate have, in quick succession, passed implementing legislation for the long-awaited United States free trade agreements (FTAs) with South Korea, Panama and Colombia, which will now be passed to President Barack Obama for his signature.
	Earthquake Levy To Rise In New Zealand 10/13/2011 New Zealand Earthquake Commission levies will rise early next year to help rebuild the Commission's Natural Disaster Fund and to more realistically reflect the Commission's operating costs, Finance Minister Bill English has announced.
	Hong Kong To Boost Its Regulatory Regime 10/14/2011 In his 2011-12 Policy Address, Chief Executive Donald Tsang disclosed that, by enhancing its regulatory regime, the government hopes to attract more companies to Hong Kong from Europe, the United States and emerging markets and, thereby, broaden listings on the Hong Kong Stock Exchange.
	BMA Notes Surge In Insurance Company Registrations 10/13/2011 The pace of insurance company registrations in Bermuda has picked up, bolstered primarily by a rise in special purpose insurers, according to new figures from the Bermuda Monetary Authority.
	IMF Backs Australian Tax Policy 10/10/2011 The International Monetary Fund has endorsed the Australian government's tax policies in its latest review of the country's economy.
	Czech Republic Rejects EU Financial Tax 10/10/2011 The Czech Republic is firmly opposed to the idea, put forward recently by President of the European Commission José Manuel Barroso, of introducing a tax on financial transactions at European level, according to Czech Prime Minister Petr Necas.
	France Mulls New Health Tax 10/6/2011 The French government is currently considering the idea of doubling the proposed tax on sugary drinks to finance a reduction in social contributions in the agricultural industry.
	Switzerland Reaches Out To Over-Taxed HNWIs 10/6/2011 Swiss cities including Bern, Lausanne, Lugarno and Lucerne have launched a new marketing campaign promoting the low taxes and the business benefits of moving to Switzerland, targeting UK companies and wealthy individuals suffering from a serious case of the fiscal blues.
	Hong Kong Consults On AML Guidelines 10/5/2011 Hong Kong’s Securities and Futures Commission has begun a consultation to solicit public comments on proposals for a new set of guidelines on anti-money laundering and counter-terrorist financing.

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