Independent review of global insurance programmes from a regulatory and tax perspective
For multinational organisations, arranging insurance across multiple territories brings significant complexity and challenges.
Disparate insurance regulations, premium related taxes, local insurance requirements and corporate tax considerations can all affect how a global insurance programme should be structured – and whether it will ultimately respond in the way the business expects.
If such issues are not considered upfront, the results can give rise to unexpected regulatory exposures, inefficient premium allocation, additional tax costs or gaps between what stakeholders believe is covered and how the programme will actually operate.
JPIC provides an independent audit of global insurance programmes to help organisations establish whether their arrangements are fit for purpose and structured as efficiently as possible from a regulatory and tax perspective.
The questions we help you answer
Is your global insurance programme genuinely fit for purpose?
Does it reflect your organisation’s business model, risk management strategy and the needs and expectations of stakeholders across the group?
Are your regulatory obligations being met?
Are risks insured in accordance with the requirements of each territory in which they are located – and have potential areas of regulatory exposure been identified?
Are premiums being allocated appropriately?
Does your premium allocation methodology properly reflect the underlying risks, exposures and structure of the multinational group?
Do you understand the true cost of your programme?
Are all premium related taxes transparent, correctly identified and factored into the Total Cost of Risk?
Could internal premium recharges create tax issues?
Have the potential corporate tax implications of recharging allocated premiums between group entities been properly considered?
Will claims respond as expected?
Could claim payments create unforeseen tax consequences or prevent insured entities receiving the outcome they expect?
How the review works
We begin by understanding your organisation – its business model, risk management strategy, international footprint and the objectives of its insurance programme.
We then independently review the existing arrangements, bringing together insurance, regulatory and tax considerations to assess:
- the overall structure and effectiveness of the global insurance programme;
- regulatory compliance in the territories where group entities and their insurable risks are located;
- premium allocation methodology across the group;
- premium related taxes and potential additional liabilities;
- corporate tax implications associated with internal premium recharges; and
- the potential treatment and effectiveness of claims payments.
Where issues or inefficiencies are identified, we provide practical recommendations to help mitigate exposures and improve the structure of the programme.
Independent and impartial advice. No product to sell.
JPIC is an independent insurance consultancy company.
We are not reviewing your programme with the objective of placing or selling insurance. We can therefore challenge the arrangements from the perspective of the multinational organisation and its needs and expectations – including whether the existing structure is appropriate and whether it represents value for money.
The objective is straightforward:
A global insurance programme that is fit for purpose, consistent, cost-efficient and capable of responding in accordance with the needs and expectations of the organisation.
Reducing the risk of unbudgeted surprises
Led by Praveen Sharma, Chartered Accountant and Global Insurance Programme specialist, our regulatory and tax review combines more than 30 years of accounting, regulatory and tax experience with extensive specialist knowledge of multinational insurance programmes.
By identifying regulatory, premium related taxes and corporate tax considerations upfront, we help finance, tax, legal and risk management teams make informed decisions and reduce the risk of unexpected costs or outcomes later.
Talk to JPIC
If you would like an independent view of whether your global insurance programme is structured effectively and remains fit for purpose, speak to the JPIC team.
If you would like to discuss this topic further, please get in touch.
