Global Insurance Regulatory and Premium Tax Update – August 2015

The Global Insurance Regulatory and Premium Tax Update provides a summary of the latest insurance regulation and premium-related developments affecting insurance contracts procured by a multinational group.

The update covers:

• Canada: Alberta – Premium tax increase.
• Greece – Increase in insurance premium tax rate.
• India – Increase in service tax on insurance premiums and broker fees.
• Indonesia – Restriction on non-admitted insurance; new property tariff rates.
• Malaysia – Goods and services tax.
• Namibia – Compulsory cessions.
• Serbia – Non-admitted insurance.
• South Korea – Property tariff rules changed.
• Turks and Caicos Islands – Freight and insurance tax repealed.
• United Kingdom – Increase in insurance premium tax rate.
• Vietnam – Premium payment term.