AXCO - IUMI COMPLIANCE ISSUES AND MARINE INSURANCE
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1 AXCO - IUMI COMPLIANCE ISSUES AND MARINE INSURANCE
2 02 ABOUT AXCO About Axco With over 40 years experience in researching and delivering industry intelligence, Axco provides business-critical compliance and market data on non-life, life & benefits and employee benefits markets across the globe. Axco information is relied upon by a diverse range of organisations and its client base includes the world s foremost insurers, reinsurers, brokers, regulators/supervisors and employee benefits professionals. Axco s unique business model and methods of research have enabled it to develop an extensive suite of products comprising in-depth reports, profiles, Q&A databases and information platforms.
3 03 THE AXCO BUSINESS MODEL The Axco business model Axco operates under a mutualised outsourcing model Axco looks to build long term partnerships with both its clients and information and data sources Axco undertakes to understand its client s individual requirements Axco prioritises frequent interaction with its clients Axco is committed to developing new and innovative methods of information delivery.
4 04 PRELIMINARY QUESTION Question How concerned are you about compliance issues when it comes to underwriting a global marine programme? 1. And how are you spelling that? 2. A little 3. Fairly concerned 4. Very concerned 5. I haven t slept in a week!
5 05 OVERVIEW The journey begins Walkthrough of a completely realistic marine journey Highlight compliance issues you may be faced with at various locations around the world Three main points of interest: 1. non-admitted 2. tax 3. compulsory On this journey we will assume the role of a non-resident insurer, covering the shipments of different cargo to various ports around the globe, highlighting some of the local regulations that apply to marine insurance
6 06 NON-ADMITTED What do we mean by non-admitted? Non-admitted insurance refers to the placing of insurance outside the regulatory system of the country in which the risk is located. A non-admitted insurance policy may be one that is issued abroad or one in which the risk(s) may be included in a global master policy by an insurer that is unauthorised in the country in which the risk is located. An authorised insurer is one that has been granted permission to do business in a country (or region) by the local supervisory authority.
7 07 CARGO JOURNEY HONG KONG Non-admitted Permitted if at insured s initiative Compulsory insurances must be placed locally Premium Taxes Marine: none Compulsory Insurances Marine liability for local vessels Signatory to CLC Fund (marine oil pollution)
8 08 CARGO JOURNEY HONG KONG to PERTH (Western Australia) Washing Machines Non-admitted Permitted if at insured s initiative Permitted with approval from regulator Restricted use of intermediaries Territory Taxes Exempt: marine hull and goods in transit Otherwise, general insurance duty: 10% Federal Taxes Income tax: 3% of written premium (for non-resident insurers with no physical presence) Goods and services tax: 10% (resident insurers and if broker acting as cover-holder for non-resident insurer) Compulsory Insurances Signatory to the CLC Fund (marine oil pollution) Market Practice Fronting permitted Unauthorised Foreign Insurers (UFIs) permitted if insurer passive Permitted use of parent company s global programme carrier
9 09 CARGO JOURNEY PERTH to MUMBAI Trouser Press Non-admitted Very restricted Ships registered in India must obtain cover from Indian insurer International marine cargo permitted to use non-admitted insurer in the case of CIF Premium Taxes Service tax: 12.36% Stamp Duty: INR 0.1 if less than 12.5% sum insured INR 0.1 for every 1500 sum insured if more than 12.5% PLUS: INR 0.15 for policies more than six months INR 0.25 for policies more than six months but less than 12 months Renewal at half rate and failure to pay voids contract Compulsory Insurances Signatory to the CLC Fund (marine oil pollution) Market Practice Multinational subsidiaries use of global programmes (illegal) Claims payments from non-admitted insurers may be penalised Fronting is allowed (not 100%)
10 10 CARGO JOURNEY MUMBAI to LISBON Ronaldo Football Shirts Non-admitted Very restricted European Economic Area (EEA) insurers permitted Non-compliance voids policy Regulator approval possible Taxes Stamp duty: 5% for marine and goods in transit (calculated on basic premium + additional charges) National Civil Protection Authority tax: 13% of written premium Compulsory Insurances Signatory to the CLC Fund (marine oil pollution) Third party liability of pleasure craft Shipments of waste (EU Legislation) Market Practice Large market and access to Freedom Of Services insurers means use of non-admitted rare Fronting used and tolerated
11 11 CARGO JOURNEY LISBON to COPENHAGEN - Yacht Non-admitted Permitted if at insured s or broker s initiative EEA insurers permitted Compulsory insurance cannot be placed on non-admitted basis Taxes Premium Tax: 1.34% pleasure craft Exempt: all other marine / goods in transit Compulsory Insurances Signatory to the CLC Fund (marine oil pollution) Carriage of passengers at sea Shipments of waste (EU Legislation) Market Practice Large market and access to Freedom Of Services insurers means use of non-admitted rare
12 12 CARGO JOURNEY COPENHAGEN to HALIFAX (Nova Scotia) Wooden Furniture Non-admitted Permitted if at insured s initiative Local brokers often restricted in placing non-admitted business Insurers must be registered in Canada to solicit business direct/use Intermediary, except for Marine business Taxes Marine exempt from Premium Tax Premium Tax on Goods in Transit: 4% Excise Tax (Federal): risks placed with non-admitted insurer/broker: 10% Compulsory Insurances Compulsory insurances not allowed to be placed with non-admitted Marine passenger liability Cross-border shipment of hazardous materials Signatory to the CLC Fund (marine oil pollution) Market Practice Mature market: no need to deviate Fronting rare Multinational insurers represented/ access to Canadian market
13 13 CONCLUSIONS Questions to ask: is non-admitted allowed? Are there any exceptions? is a non-admitted policy still valid? what is the market practice? Is it tolerated? Are there any fines or penalties if I choose to use market practice when it is not allowed? are there any compulsory insurances that could affect placement of the policy? How am I accounting for all the applicable taxes? Is fronting allowed? Ask the right questions, get the right answer
14 14 TRADE IN SERVICES AGREEMENT International Trade in Services Agreement (TiSA) A proposed agreement to reduce local restrictions for marine insurers writing global placements Multi lateral trade negotiations (DOHA) at an impasse. TiSA launched by USA and group of WTO members Really Good Friends Group February 2012
15 15 TRADE IN SERVICES AGREEMENT International Trade in Services Agreement (TiSA) Friends include Australia, Canada, Chile, Colombia, Costa Rica, EU, Hong Kong, Iceland, Israel, Japan, Mexico, New Zealand, Norway, Pakistan, Panama, Paraguay, Peru, Korea, Switzerland, Turkey, USA Total of 51 countries accounting for 77% of global trade in services Excludes Brazil, Russia, India, China, South Africa
16 16 TRADE IN SERVICES AGREEMENT International Trade in Services Agreement (TiSA) IUMI supports the TiSA initiative Marine and energy insurance is international with many arguments for unrestricted cross-border trade Political Forum looking to draft position papers for submission to relevant groups
17 17 CONTACT AXCO Contact details Please contact Axco if you have any questions: Website: Tel: +44 (0)
18 Axco Insurance Information Services 10 Old Broad Street London UK EC2N 1DW Tel: Fax:
19 19 SUMMARY QUESTION Question How concerned are you about compliance issues when it comes to underwriting a global marine programme? 1. Sorry I missed that, could we go through it again? 2. A little 3. Fairly concerned 4. Very concerned 5. I want my compliance officer to attend IUMI next year!
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