Global Insurance Regulatory and Premium Tax Update – August 2018

This adviser provides a summary of the latest insurance regulation and premium-related developments affecting insurance contracts procured by a multinational group.

The update covers:

• Canada – Quebec: Premium Tax
• Hong Kong – Apology Ordinance
• Indonesia – Marine Insurance for Cargo: Coal, Crude Palm Oil, and Rice
• Kingdom of Saudi Arabia – Value Added Tax
• Nigeria – Premium Rating
• Malaysia – Reduction in Goods and Services Tax on Insurance Premiums
• Peru – Fronting
• Russia – Reinsurance 
• Sri Lanka – Withholding Tax on Insurance Premiums 
• Tanzania – Minimum Premium Rates 
• Uganda – Cash Before Cover
• United Arab Emirates – Value Added Tax 
• Vietnam – Compulsory Fire and Explosion Charge Reduced
• Zambia – Compulsory Health Insurance for Foreign Individuals
• Zambia – Insurance Premium Levy Exemption