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Tax by Industry: Insurance

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Spurred by a saturated domestic market, insurance companies are seeking new strategies for growth, including exploring global markets, developing new products and distribution channels, and streamlining operations to contain costs. But new strategies bring new rules — on top of the already heavy regulatory scrutiny under which the industry operates.

What do all these performance pressures have in common? Tax implications. On one hand, firms that grow internationally need to manage compliance complexity, including reporting foreign earnings and profit, calculating transfer prices for internal services and reinsurance, and finding appropriate ways to leverage favorable tax jurisdictions. On the other, tax savings opportunities exist if you know where to look, such as tapping global research and development incentives for tax savings associated with investments in new products and technologies.

Staying compliant and competitive means having efficient, effective tax solutions. With a multifaceted team of insurance industry specialists, Deloitte Tax can help.

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Featured Insights

	Neal Bill reintroduced to defer the deduction for related-party reinsurance premiums On May 20, 2013, the House Ways and Means Committee was reintroduced to legislation designed to defer or deny the deduction for any reinsurance premiums paid to foreign-owned affiliates of U.S. insurance companies.
	Insurance industry highlights of Obama’s FY 2014 budget package In April 2013, President Obama unveiled a fiscal year 2014 budget blueprint that calls for spending cuts and largely familiar tax increases primarily targeting multinational corporations and upper-income individuals. This piece highlights those areas that may be of interest to the insurance industry.
	Extraordinary times for the insurance industry Several overarching trends are likely to affect businesses in these extraordinary times. The way insurance companies address these trends may impact their success and potentially their survival. This piece highlights how Corporate Tax functions can lead efforts to address the significant tax implications of these trends.
	Financial foresight: Insurance tax department transformation At a time when both revenues and resources are scarce, insurance companies are transforming their tax processes, data, and organizations to gain a competitive advantage in today’s challenging business environment.
	Tax cosourcing and contract personnel services for insurance company tax compliance As governments search for new revenue and federal, state, and local tax authorities increase their demands and scrutiny, your income tax compliance function needs to be more responsive, efficient, and effective than ever. Learn about leading edge practices that enable resident talent to deliver high-value contributions to the broader organization.