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Details

  • Service: Tax
  • Industry: Financial Services, Insurance
  • Type: Business and industry issue
  • Date: 1/29/2014

FATCA - Implications and Insights for Insurance Companies 

Given prior uncertainty over FATCA’s exact scope and requirements for insurance companies, many insurers had adopted a “wait and see” approach to their FATCA compliance projects. However, with the release of the final regulations, and phased in requirements commencing on July 2014, it is critical that impacted insurance companies move forward with their project planning and implementation programs.

FATCA is not merely a tax issue. While FATCA is designed to prevent offshore tax abuses by US citizens and residents, the withholding tax and reporting obligations have implications for affected institutions’ business models and products, as well as marketing and distribution strategies.

 

Some insurance groups are far along in the FATCA readiness process, while others are just taking first steps to assess their organizations and put their FATCA onboarding and compliance programs in place.

 

 Contact

Russell W. Crawford

Russell W. Crawford

Partner, Tax

604-691-3516

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