Insurance Europe applauds that reinsurance is excluded by the OECD from the tax rules of the First Pillar

Insurance Europe applauds the fact that certain regulated financial services, including reinsurancehave been excluded from the fiscal rules of the First Pillar.

Reinsurance, they qualify from Insurance Europe, meets all the key elements of the definition of regulated financial services: that is, companies have a license requirement, regulatory capital requirements and carry out the required activities. Reinsurers are also global companies, and it is part of their business strategy to have an effective local presence through subsidiaries and permanent establishments in relevant markets.

From the European insurance they ask the OECD to be clearer in their definitions to guide the application of the standards and avoid unnecessarily cumbersome requirements. In addition, the definition of “insurance contracts” provided in the text may not fully reflect the various risks covered in the insurance market.

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