Zurich Financial Services Group has announced the launch of an innovative approach to multinational insurance coverage, which it described as incorporating “all foreign premium tax and licensing obligations into a single comprehensive solution.” The Multinational Insurance Proposition (MIP) “addresses the evolving complexity of international premium tax and licensing rules and the increased demand from customers and brokers for products that are aligned with global regulatory and tax requirements,” the bulletin continued.
John Amore, CEO of General Insurance, stated: “MIP reflects Zurich’s commitment to assessing and managing change in today’s complex marketplace. Through innovative technology and a globally integrated underwriting platform, it brings certainty and transparency to our brokers and customers through a globally compliant and sustainable insurance solution. Initial feedback has been highly positive, and we’re excited to work with our brokers and customers in bringing this industry-leading solution to the marketplace.”
Zurich said its MIP product “is comprised of a series of underwriting processes and products designed to manage within a single transaction the tax payment reporting and licensing obligations for customers and brokers of Zurich’s multinational insurance policies. These enhancements include a proprietary global information system that tracks applicable laws and foreign premium tax requirements for almost 200 countries.”
“The system will produce customer reports detailing all foreign premium tax collected and distributed on their behalf with respect to their multinational coverage, written out of territory, and will document compliance with licensing obligations. The approach will significantly benefit multinational customers and their brokers by providing a sustainable and transparent means of facilitating global compliance for their multinational insurance coverage.”
Zurich also indicated that “MIP represents the first broad-based systematic approach to these issues in the insurance industry.” The initiative is to be introduced for new multinational general insurance policies and, beginning in January 2007, will include all of Zurich’s new and renewal multinational insurance programs.
Topics Agencies Underwriting
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