On 27 November 2012, Mike Stalley, CEO of FiscalReps and Karen Jenner, Client Director within the Captive Practice, hosted an interactive half-day workshop (entitled GRIPT: Global Risk and Insurance Premium Tax) with Risk Managers at the Airmic Academy.

The Airmic Academy is a programme of 35 in-depth training workshops, which are available free of charge to members.

The session was well attended and discussion ensued around internationalisation, responsibilities of the insurance buyer around premium tax compliance, the trend of increasing and new premium taxes across the EU and globally and the implications of non-compliance in the premium tax arena.

Workshop agenda: -

GRIPT: Global Risk and Insurance Premium Tax
Economic Cost of IPT

  1. a. IPT Basics
    b. Direct Costs
    c. Indirect Costs
    d. Paying the Correct Amount
  2. Non-Compliance Risks
    a. Penalties for Local Insured
    b. No Coverage in Place
    c. Sarbanes Oxley / SAO Regulations
    d. Reputational Risks
  3. Impact on Your Global Programme
    a. Controllable Cost
    b. Non-Admitted Coverage
    c. Compliance Requirements
    d. Choice of Broker & Insurer
  4. Steps to Ensure Compliance
    a. Take Control of Premium Taxes
    b. Understand your Exposures
    c. Obtain up to Date Tax Information
    d. Review Annually

Click on the attachment to view the training material.