Chicago, October 6, 2014
– At today’s Captive Live USA conference, FiscalReps, a gold sponsor of this event, announced the launch of complianceDNA®, giving the American insurance industry a single solution to manage all its tax and regulatory compliance requirements.
This new on-line application eliminates the compliance headache for US insurance professionals by managing key reporting deadlines, automatically generating documents and returns, and saving evidence of compliance in a single, secure web application.
“With 50 States all employing different tax, licensing and regulatory frameworks, remaining compliant within the United States is a significant burden for insurance professionals,” said Asher Harris, compliance practice leader, FiscalReps USA. “With complianceDNA®, we are introducing a single portal for managing all compliance requirements, which will save the industry time and money and significantly reduce the chances of non-compliance.”
complianceDNA® comprises a suite of tax and regulatory compliance products serving different areas of the US insurance industry, with the single objective of easing and simplifying the compliance burden for insurance professionals.
Phase 1 of complianceDNA®, launching today, comprises a premium tax and State licensing solution for Risk Purchasing Groups; a nationwide self-procurement tax solution for insurers and policyholders; and a Federal Excise Tax solution for policyholders and alien insurers with Federal Excise Tax exposures.
Phase 2, due for launch in Q1 of 2015, will comprise a premium tax and State licensing solution for Risk Retention Groups; a tax and licensing solution for the Surplus and Excess Lines market; and State Premium Tax compliance for domestic insurance companies.
Phase 3, expected midway through 2015, will include Federal and State income tax filings and NAIC filings for insurers and captives.
Leveraging the experience of FiscalReps in Europe in delivering international premium tax compliance solutions for over 10 years, FiscalReps USA is a business dedicated to the specific compliance requirements of the US insurance industry. The business is led by Mike Stalley, founder and chief executive of FiscalReps in Europe, and Asher Harris, a leading New York-based independent insurance tax attorney.
Stalley says: “FiscalReps’ market-leading experience in Europe has enabled us to create a robust platform for the United States that ensures full compliance can be achieved easily, whilst simultaneously driving down the time and cost of compliance management. Crucially, complianceDNA® significantly reduces the risks of tax non-compliance.”
Further information on complianceDNA® can be accessed at