On 22 July 2014, the Society of Lloyd's provided details on its website of its agreement with the US Internal Revenue Service (IRS) on the reporting requirements under the US Foreign Account Tax Compliance Act (FATCA) relating to insurance premiums paid (for example, by brokers) to syndicates and syndicate-level premium trust fund assets. The agreement is explained in a Lloyd's market bulletin and a set of FATCA FAQs. Lloyd's has agreed with the IRS to continue to act as a qualified intermediary and will assume primary withholding and reporting responsibility with respect to insurance premiums paid to Lloyd's syndicates. This means that Lloyds will be classified as an excepted non-financial foreign entity and that a single Form W-8IMY (the form applicable for intermediaries) will be sufficient for FATCA purposes to cover payments of insurance premiums made to any and all Lloyd's syndicates.