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Results: 1-10 of 19

California appeals court affirms ruling that Section 28 tax does not apply to surplus lines insurers
  • Locke Lord LLP
  • USA
  • October 7 2010

On September 30, 2010, the California Court of Appeal for the Second Appellate District affirmed a superior court ruling that California Constitution Section 28 taxes do not apply to surplus lines insurers


German government opposes US legislation limiting deductibility of reinsurance premiums
  • Locke Lord LLP
  • Germany, USA
  • July 28 2010

Proposed legislation that would limit a tax deduction for reinsurance premiums paid to a foreign affiliate of a US insurer has drawn the formal opposition of the German government


EU plans for VAT exemption reforms are set to continue
  • Locke Lord LLP
  • European Union
  • December 3 2010

Following a meeting of the Council of the European Union on 17 November 2010, plans to reform the VAT exemption for insurance and the wider financial services industry are set to continue, with Member States agreeing to find a resolution to the current problems


Alastair Darling's Budget proposes tax break for asbestos trusts
  • Locke Lord LLP
  • United Kingdom
  • March 30 2010

Alastair Darling's 2010 Budget includes provisions designed to help asbestos trusts which were set up by companies prior to 24 March 2010 to meet their asbestos liabilities


European ruling on VAT goes against reinsurers
  • Locke Lord LLP
  • European Union
  • November 12 2009

The European Court of Justice (ECJ) has recently released its judgment in the case of Swiss Re Germany Holding GmbH v Finanzamt München für Körperschaften, confirming that a transfer of a portfolio of life reinsurance contracts, outside of a business transfer, will be subject to value-added tax (VAT) at the standard rate


New regulations relating to calculation of general insurance technical provisions for tax purposes
  • Locke Lord LLP
  • United Kingdom
  • July 28 2009

The UK's tax authority, Her Majesty's Revenue and Customs (HMRC), has introduced new regulations relating to technical provisions made by general insurers, including members underwriting general insurance business at Lloyd's


Health care legislation imposes tax on annuity income
  • Locke Lord LLP
  • USA
  • April 26 2010

The Health Care and Reconciliation Act (the "Act"), signed into law on March 30, 2010, imposes a tax on annuity income to help pay for the multi-billion dollar reform package set forth in both the Act and the Patient Protection and Affordable Care Act, signed into law on March 23, 2010


Incoming regulations may increase actuarial costs
  • Locke Lord LLP
  • United Kingdom
  • September 2 2009

On 1 September 2009, the General Insurers' Technical Provisions (Appropriate Amount) (Tax) Regulations 2009 (the Regulation) comes into force in the UK


In private letter ruling, IRS says captive reinsurance of fronted pools is “insurance” for tax purposes
  • Locke Lord LLP
  • USA
  • January 4 2010

The Internal Revenue Service (IRS) issued a private letter ruling on December 11, 2009, resolving a taxpayer’s question as to whether its business as a captive reinsurer is "insurance" for tax purposes


Obama proposes budget that would end foreign reinsurer tax advantages
  • Locke Lord LLP
  • USA
  • February 3 2010

President Barack Obama’s recently released proposed Budget of the U.S. Government for the Fiscal Year 2011 (the “Proposed 2011 Budget”) would disallow the deduction for excess non-taxed reinsurance premiums paid to foreign affiliates by a U.S. insurance company