Global Briefs

Global Briefs – May 2019

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Denmark – Tax Alert > Changes to the Terrorism Insurance Pool

Premium tax specialists Impendulo can confirm an update to the Danish Terrorism Insurance Pool for Non-Life Insurance. The “Act on a terror insurance scheme in the non-life insurance area” will come into force on July 1, 2019. The reinsurance pool now has a total limit of DKK 13.4 billion.

The scheme provides insurance coverage for property losses in the event of nuclear, biological, chemical and radioactive (NBCR) terrorism for the following lines of business: - Buildings and contents; - Railway rolling stock; - Motor vehicles; and - Ships

Non-life insurance companies that cover the above-mentioned lines of business are required to be members of the pool. There is an annual tax of 5 percent per policy on the insurance premium to be levied by members of the scheme. Once the total limit of the pool is reached, the excess contributions are refunded back to participating insurers. The Act can be accessed here.

France ­ – Tax Alert > Changes to Insurance Premium Tax

Impendulo confirms that from January 1, 2019 there are various changes to insurance taxes in France. The first is that insurance guaranteeing the payment of life insurance premiums in case of death (payment protection insurance) are now no longer exempt from insurance premium tax. From January 1, 2019 such policies will be taxed at the standard rate of 9 percent. This change can be found in Article 123 of LAW 2018-1317 (referring to French insurance taxes – link). The other is that from January 1, 2019, the Le Fonds de Garantie des Assurances Obligatoires de dommages (FGAO) rate applicable to motor liability policies has increased from 12 to 14 percent. This change can be found in Article 124 of LAW 2018-1317 (referring to French insurance taxes – link)

Russia – number of complaints against insurers decreased by 36% y-o-y

For the period from January to March 2019, the total number of complaints against insurers amounted to 12,200, which is 36 percent less y-o-y, according to the Bank of Russia. This decline was due to MTPL, which accounts for 80.8 percent of all complaints. The number of complaints related to MTPL during the first quarter dropped by 39 percent y-o-y to 9,800. The largest decrease of complaints about MTPL (by 77%) was recorded in the segment of e-policies, thanks to changes in the regulatory act of the Bank of Russia. Complaints about incorrect calculation of the bonus-malus (discounts for trouble-free driving) decreased by 31.1 percent.

United States – OSHA needs help

The Occupational Safety and Health Administration has 875 health and safety inspectors to cover 9 million U.S. workplaces under its jurisdiction. If OSHA inspectors visited every single workplace, the inspections would talk 158 years to complete. Workplace accidents killed 5,147 Americans in 2017. (NYMag.com)

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