In a bid to facilitate compliance, Swiss-based insurance firm Zurich Financial Services has adopted an innovative approach to launch the multinational insurance proposition addressing the complexity of international premium tax and licensing rules and the increased demand from clients for products that are aligned with global regulatory and tax requirements.
Multinational insurance proposition (MIP) is said to encompass a series of underwriting processes and products, designed to administer the tax payment reporting and licensing obligations for customers and brokers of Zurich’s multinational insurance policies in a single transaction.
The new system involves the use of a proprietary global information program that tracks applicable laws and foreign premium tax requirements for almost 200 countries. It will produce customer reports detailing all foreign premium tax collected and distributed on their behalf with respect to their multinational coverage, and will document compliance with licensing obligations.
This innovation is expected to benefit multinational customers and their brokers by providing a sustainable and transparent means of facilitating global compliance for their multinational insurance coverage.
MIP is currently being rolled out for new multinational general insurance policies and, anticipated to include all of Zurich’s new and renewal multinational insurance programs from early January 2007.