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FATCA impact on insurance industry

The draft FATCA regulations released on 8 February 2012 incorporate some of the changes and exclusions that the insurance industry has been lobbying to include. However, it is apparent the exclusions and reliefs do not go as far as many were hoping.


Although there are now exclusions for life protection business, as well as some pension and other tax efficient savings products, insurers will need to consider individual product terms and conditions in detail to determine whether they meet the relevant conditions for exclusion.


Coinciding with the draft regulations release, a joint statement was issued by the UK, US, France, Germany, Spain and Italy on information sharing between these jurisdictions. It seems this may lead the way to simplified reporting requirements for entities in these jurisdictions. However, it also opens the door for a multi-territory FATCA regime with reciprocity on information sharing, as between the EU territories covered.


Contacts

  • Pascal Eber
    Partner - Operations Excellence & Infrastructure Operations
  • Pascal Rapallino
    Partner - Private Wealth Services Leader
  • Pascal Noël
    Partner - Tax - International Tax-GFSI
  • Basil Sommerfeld
    Partner - Operations & Human Capital Leader
  • Alain Verberken
    Directeur - Tax - International Tax-GFSI

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