STRUCTURING MULTINATIONAL INSURANCE PROGRAMS FOR THE MIDDLE MARKET

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1 STRUCTURING MULTINATIONAL INSURANCE PROGRAMS FOR THE MIDDLE MARKET Sponsored by The Hartford Published and Distributed by Multinational insurance programs were once reserved for the largest of companies, those typically found in the Fortune 500 or Fortune But the world has become a much smaller place, and globalization is now a necessity for many small and midsized companies to remain competitive. Recent research from The Hartford shows that 80 percent of mid- to large-size companies have some degree of multinational exposure. 1 As more businesses pursue growth opportunities worldwide, the need for coordinated multinational insurance solutions has never been greater. RECENT RESEARCH FROM THE HARTFORD SHOWS THAT 80 PERCENT OF MID- TO LARGE- SIZE COMPANIES HAVE SOME DEGREE Businesses with international exposures experience many of the same insurance and risk-management challenges as they do domestically, but with added layers of difficulty. The worldwide regulatory environment continues to evolve, and insurance and tax authorities around the globe are paying more attention to insurance-related transactions. Compliance challenges are created and can result in regulatory enforcement actions and unwanted tax consequences. Additionally, customs and language barriers, time zones, and extended lines of communication can make activities such as risk management, loss control, and claims management more problematic. Global- business activities can vary significantly company to company. From strictly employee travel overseas to owned manufacturing plants with sales and distribution centers in multiple countries, risks and exposure to loss differ dramatically. It is essential, therefore, when developing a multinational insurance program, to develop a comprehensive understanding of what a business is doing, what drives it, and what risks are present. Only after fully understanding a company s exposures and risk appetite can there be a discussion about how insurance can help mitigate risk or whether other mechanisms can help finance potential loss. OF MULTINATIONAL A multinational insurance program needs to take all of this EXPOSURE. into consideration. Every country presents a unique set of issues; there is no one size fits all approach, therefore, programs should be designed to respond in a way that is consistent with a company s objectives no matter where in the world an exposure exists or a loss may occur. The task can seem daunting. Fortunately, there are now insurers bringing these types of sophisticated solutions to the middle market. These insurers understand the importance of putting a structure in place to match a company s risk-finance strategy and riskmanagement needs. 1 The Hartford, A World of Opportunity is Emerging. Seize it Business Monitor. (September 2017),

2 STRUCTURING MULTINATIONAL INSURANCE PROGRAMS FOR THE MIDDLE MARKET 2 CORPORATE RISK FINANCE PLANS HOW DO YOU WANT INSURANCE TO RESPOND TO A LOSS? Understanding the risk-finance strategy of a company begins with asking the right questions. However, conversations often only scratch the surface. Agents and brokers will inquire about a company s business activity abroad but often fail to dive deeper into how the insured would like insurance to respond to a loss. According to Alfred Bergbauer, head of multinational insurance at The Hartford, there needs to be a dialogue around risk management, assumption of risk and risk finance strategy to demonstrate additional value to the insured. It s as simple as saying, You have an operation in China, you have a $100 million property, and you ve suffered a total loss at that location, what do you want to do? Bergbauer explained. Do you want to take it as a business loss in the local company and finance it off of the balance sheet? Do you want your insurance company to investigate and adjust, represent you, engage in subrogation if necessary, and pay the claim locally? Or, do you want take the balance sheet hit and get reimbursed on a financial interest basis by your insurance company back in the United States? It becomes a conversation of risk-finance strategy income statement, balance sheet, and profit/loss management. According to Bergbauer, this level of dialogue should be the absolute starting point. Far too often, however, the focus is on premium rather than structure and program performance. This can lead to unexpected negative consequences postloss (regulatory, tax, legal, etc.) when it is too late. The Hartford recently conducted research which resulted in some eye-opening statistics in support of this point. The purpose of the research was to identify current international-risk exposure trends among mid-size to large businesses. PROGRAMS SHOULD BE DESIGNED TO RESPOND IN A WAY THAT IS CONSISTENT WITH A COMPANY S OBJECTIVES NO MATTER WHERE IN THE WORLD AN EXPOSURE EXISTS OR A LOSS MAY OCCUR. What it found was that while 80 percent of the respondents said they have some aspect of international business activity and corresponding risk, a substantial 41 percent said they have never had a conversation with their broker or agent about multinational insurance options available to them. 2 This suggests that many mid- to large-size companies are not properly insuring international exposures. The grasp risk managers and chief financial officers often have on multinational insurance is on the cost side and not on the usage side, said Bergbauer. When we are able to bring a dialogue around usage it changes the conversation and perception around insurance to a financial, income statement, balance sheet, and cash flow-management tool. This really starts to unleash some value and forces a different kind of dialogue around risk management, one that s based around assumption of risk which leads to value. In short, focusing on premium size and not the outcome of how a policy will be used in the event of a loss even with companies that have smaller package policy premiums can lead to unwanted surprises to the detriment of the insured. TAX MANAGEMENT AND THE TAX IMPLICATIONS Conducting business across country borders has become significantly easier in recent decades, even for relatively small companies. The global economy we experience today has been driven, at least in part, by technological advancements in areas such as information technology, transportation, and communication, as well as efforts to decrease trade barriers by many countries. Yet these developments have not crossed over to insurance regulatory and tax structures. There remains no global harmonized insurance tax code, regulation, 2 The Hartford, A World of Opportunity is Emerging. Seize it Business Monitor. (September 2017),

3 STRUCTURING MULTINATIONAL INSURANCE PROGRAMS FOR THE MIDDLE MARKET 3 or legal code. As a result, multinational companies benefit from insurance programs that bring consistency and commonality across the various countries in which they have exposures. There are several layers of sophistication necessary to achieve this cross border consistency. One layer is around tax issues and implications, which can vary depending on a company s risk finance approach. Many insurers provide coverage overseas by modifying the coverage territory to anywhere in the world. This gives them an insurance policy in place in the US with a jurisdiction that says worldwide. So the policy will respond to losses anywhere in the world, but the details beyond that are absolutely critical and a lot of insureds do not understand the subtleties of covering risk from a US master policy on an unlicensed basis overseas, said Bergbauer. Amounts paid to a US taxpayer for a loss that occurred outside the US may constitute taxable income to the taxpayer and the taxpayer may not have an offsetting deduction related to the loss, thus creating the risk that a US corporate taxpayer may owe taxes (at a marginal rate of 21%) on the claim payment. Insurance programs should be structured in a way that will indemnify or finance losses at various locations around the world without creating significant tax liabilities. As illustrated above, tax liabilities most frequently can occur when a claim payment is made in a different country than where the claim occurred. Consultation with tax counsel to understand issues and exposure management options is recommended. REGULATORY AND COMPLIANCE ISSUES Aside from compulsory insurance such as auto and workers compensation, every company has the option to finance unexpected losses however they see fit. MULTINATIONAL COMPANIES BENEFIT FROM INSURANCE PROGRAMS THAT BRING CONSISTENCY AND COMMONALITY ACROSS THE VARIOUS COUNTRIES IN WHICH THEY HAVE EXPOSURES. Property insurance is a perfect example: if a company has fixed assets in other countries there is no rule that says it is required to purchase insurance. The company may instead have other plans for financing the loss, such as through its balance sheet or at the corporate level. However, if a company decides insurance is the best strategy, there are rules and regulations governing how it can be used in different countries. In the past, a global master policy in the US, using policy forms with wording and coverage that was familiar, combined with the occasional local policy overseas to manage local tax and regulatory requirements, was considered sufficient. This is changing as countries began to develop and enforce insurance regulatory and tax schemes with a view toward multinational accounts covered under a global policy issued by a an insurer not licensed and subject to the payment of premium taxes. In such cases, regulators are assessing premium taxes to the insured for the allocable share of the cost of their coverage provided to the local insured. As countries around the world started to look into the drivers of economic development they began to realize that when insurers operate offshore and insure risk in their country they are deprived of insurance premium tax as well as the premium that is invested by those insurers in their financial markets, said Bergbauer. They realized this is really depriving their nation of a foundation that makes an economy strong. Today, most countries require insurance policies to be issued by a local insurer licensed in that country so-called admitted insurance. If for instance a claim occurs in a country that requires admitted insurance, and the business is insured through an unlicensed carrier on a non-admitted basis, the company may not be able to receive claim monies from the non-admitted policy and could potentially face substantial fines and penalties.

4 STRUCTURING MULTINATIONAL INSURANCE PROGRAMS FOR THE MIDDLE MARKET 4 But there are some countries that will allow an insured to purchase non-admitted insurance. This is where the complexity comes in. You can look at a database and it will say that nonadmitted insurance is allowed. But when you dig in behind all the details there are additional paragraphs that explain the terms in which you can engage in non-admitted insurance, said Bergbauer. So it can get complicated. The concept of non-admitted insurance allows an insured to engage with an insurer outside the jurisdiction where the risk is located, and place a policy. However, the insured may be required to declare the policy to the regulators and engage a fiscal representative to take a premium allocation within that country that represents a fair and reasonable premium for the risk. They must then pay the appropriate non admitted premium taxes and fees to the local regulatory authority. Failure to do so can result in fees and/or penalties and even incarceration in the most severe case as noted below. To ensure compliance, many countries have internal audit teams within insurance regulatory and tax authorities. The teams will conduct spot audits on insureds, brokers, and insurance companies, looking for evidence of unlicensed insurance. When the auditors find violators they can fine the insurer, fine the broker, or halt the business of the insured, said Bergbauer. South Africa provides the most dramatic example. They can actually incarcerate the directors of a company. You can actually go to jail for breaking the insurance regulatory requirements. EVERY DAY ACROSS CONTINENTAL EUROPE, LATIN AMERICA, NORTH AMERICA, AND THE ASIA PACIFIC THERE ARE REGULATORY AUDITS GOING ON TO TRY AND FIND VIOLATORS OF INSURANCE REGULATION. The stakes are high, said Bergbauer. Every day across continental Europe, Latin America, North America, and the Asia Pacific there are regulatory audits going on to try and find violators of insurance regulation. THE BENEFITS OF A CONTROLLED MASTER PROGRAM (CMP) WITH ONE CARRIER A controlled master program is often the most effective way to insure global exposures. It brings consistency across multiple countries that have risk by combining local policies with a global master policy issued in the company s home nation. It works by having the master policy, which is purchased at the corporate level, supplement local admitted policies with Difference in Conditions (DIC)/Difference in Limits (DIL) coverage. This provides the local admitted policy with expanded coverage as the master policy will typically have broader terms, conditions, and/or limits. The consistency offered by a CMP with one insurer has many benefits. For example, whether it is property or liability insurance, one insurer can take a broad look at the global risk of the company and help to understand the contractual requirements the company might be subject to in each country. This can ensure consistent treatment of terms, conditions and limits to match contractual obligations anywhere in the world. Another coverage benefit example is consistent protection against global product risk. In situations where countries share borders, or have substantial common trade, there are frequently bi-lateral, or multi-lateral, agreements in place that enable them to join forces in performing audits and fining violators of their crossborder insurance laws. When we look at product distribution, it s not quite as easy to track as it was 20 to 30 years ago, before the advent of the internet. You can call yourself a domestic company in the U.S. but still distribute products anywhere in the world through a website, said Bergbauer. So being able to work with an insurer that can represent a company globally is more critical today than ever before.

5 STRUCTURING MULTINATIONAL INSURANCE PROGRAMS FOR THE MIDDLE MARKET 5 Business interruption (BI) risk illustrates yet another benefit of uniform protection with a single carrier. Consider the BI exposure of a company that has manufacturing operations in multiple countries. If operations go down in one of the countries, it could financially impact operations in the other countries due to an inability to manufacture, distribute, and/or sell products. If you have one global insurer, that carrier can step back, look at the global risk, assess the business interruption loss and work with the company to help pay a claim, said Bergbauer. Business interruption across borders can get pretty complicated and having a single insurer that can look at the aggregation of activities is helpful. Bergbauer continued, What I ve seen in my past business activities is that when you have business interruption or contingent business interruption risk, insureds who buy insurance programs in a fragmented, piecemeal manner are often disappointed. They ll have a loss and multiple insurers will say that s not my loss, that s the other insurer s loss. In addition to providing consistency across multiple countries that have risk, an integrated global program with a leading multinational insurer provides access to experts in risk engineering and loss control, and claims management. These experts work together to understand a company s global risk profile and provide seamless integrated solutions. Risk engineering and loss prevention capabilities within a CMP provide the same expertise as domestic programs but with local knowledge of regulatory and business environments. Having engineers that are able to translate the local practice into context of risk assumption back to underwriting at the home office level is important. Take sprinkler usage as an example. Outside the U.S. the philosophy around sprinkler usage is different. There are many countries, and many highly BUSINESS INTERRUPTION ACROSS BORDERS CAN GET PRETTY COMPLICATED AND HAVING A SINGLE INSURER THAT CAN LOOK AT THE AGGREGATION protected risks that feel sprinklers are more of a disadvantage than an advantage, said Bergbauer. So understanding the context of risk within the market and operation is critical. With regards to claims management, a CMP with a single insurer provides the robust claims capability of a large sophisticated insurance company with a local presence and knowledge of the local situation. OF ACTIVITIES IS HELPFUL. I think that claims advocacy in the middle of a loss is so important to provide to our clients, said Bergbauer. If you have a single insurer that has a robust claims capability, you have this local translation, globally, that you would never have if you bought insurance on a one off country basis. In closing, a simple way to remember key benefits of a CMP is the four C s: Coverage Adequate and appropriate for the exposures across the client s global operation Claims A consistent treatment of claims that takes into consideration the interaction of business operations across borders. A single global insurer can also provide a comprehensive report on claims activities. Cost CMP programs can be more cost efficient than other options as the insurer can determine price across all geographies that the client operates in. Compliance developing an insurance program that is compliant with local laws and regulations can help reduce the exposure to regulatory compliance risk and ensure that an insurance program will respond as the insured intends it to.

6 STRUCTURING MULTINATIONAL INSURANCE PROGRAMS FOR THE MIDDLE MARKET 6 CONCLUSION US companies of all sizes who establish operations worldwide will find new exposures ranging from operational, financial, strategic, hazard, to regulatory. These companies benefit greatly from multinational insurance programs designed to respond in a way that is consistent with their objectives no matter where in the world a loss occurs. But the thought of developing an insurance program in line with a company s risk-finance strategy and risk-management needs that complies with local insurance regulations, and provides consistent coverage, loss control, claims services can seem daunting even for the largest, most sophisticated insureds. Fortunately, there are now insurers bringing solutions to the middle market. By bringing multinational capabilities to the middle market, we re providing solutions to a much broader segment of the US business community than has ever been done before, said Bergbauer. The stakes are high and it is our goal to help our clients put in place multinational insurance programs that match their strategies and needs. IF YOU HAVE A SINGLE INSURER THAT HAS A ROBUST CLAIMS CAPABILITY, YOU HAVE THIS LOCAL TRANSLATION, GLOBALLY, THAT YOU WOULD NEVER HAVE IF YOU BOUGHT INSURANCE ON A ONE OFF COUNTRY BASIS. Prepare. Protect. Prevail. The information contained in this document has been developed from sources believed to be reliable. However, the accuracy and correctness of such materials and information has not been verified. We make no warranties either expressed or implied nor accept any legal responsibility for the correctness or completeness of this material. This information should not be construed as business, risk management, or legal advice or legal opinion. Compliance with any of the recommendations contained herein in no way guarantees the fulfillment of your obligations as may be required by any local, state or federal laws. Advisen assumes no responsibility for the discovery and/or elimination of relevant conditions on your property or at your facility. This document outlines in general terms the coverages that may be afforded under a policy from The Hartford. All policies must be examined carefully to determine suitability for your needs and to identify any exclusions, limitations or any other terms and conditions that may specifically affect coverage. In the event of a conflict, the terms and conditions of the policy prevail. All coverages described in this document may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. Coverage may not be available in all states or to all businesses. Possession of these materials by a licensed insurance producer does not mean that such producer is an authorized agent of The Hartford. To ascertain such information, please contact your state Department of Insurance or The Hartford at All information and representations herein are as of October In Texas and California, the insurance is underwritten by Hartford Accident and Indemnity Company, Hartford Fire Insurance Company, Hartford Casualty Insurance Company, Hartford Lloyd s Insurance Company, Hartford Insurance Company of the Midwest, Trumbull Insurance Company, Twin City Fire Insurance Company, Hartford Underwriters Insurance Company, Property and Casualty Insurance Company of Hartford and Sentinel Insurance Company, Ltd. The Hartford is The Hartford Financial Services Group, Inc. and its subsidiaries. Its headquarters is in Hartford, CT. Business Insurance Employee Benefits Auto Home April 2018 The Hartford

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