7 September 2015
In a recent business journal, it was reported that the German Authorities were concerned that not all foreign insurance companies were paying the correct amount of IPT. These concerns arose from company audits of domestic policyholders by the external auditing department of the Financial Administration Department.
In 2007, a central IPT database was launched to hold information on foreign insurance companies. Due to technical issues, the database was not regularly updated as originally envisaged and received some criticism. There will now be more of a focus to monitor foreign insurers. Furthermore, the Authorities are designing IT procedures to identify non-compliant foreign insurance companies to facilitate assessments for any under declarations of IPT.