Foreign Account Tax Compliance Act (FATCA)
Our friends at WeiserMazars have provided us with the attached information. We think this is important to review given that this new requirement starts in July 2014. Each company is unique but there may be significant issues for reinsurance management – including the actual collection of appropriate documentation, validation by a person with market knowledge of the counterparty and the necessary reporting to assist the “Responsible Officer” in the required attestations – especially in view of the potential penalties. Ideally there should be a means to control compliance at the actual “point of purchase” starting in July of this year.
WeiserMazars on FATCA for PC Insurers
Contact your eReinsure account manager to learn about our Partner Compliance Monitor(SM).