Collaboration encourages standardized insurance tax terminology and development of world-class technology to support the calculation of taxes due on global programmes.
London, UK – 4th February 2020 – TMF Group, the global business service provider, which has a specialist international insurance tax compliance function, and ACORD, the global standards-setting body for the insurance and related financial services industries, today announced that TMF Group has donated key Insurance Tax Calculation assets to ACORD. These assets will be incorporated into the ACORD Data Standards and Architecture, used by ACORD members and their trading partners throughout the global insurance industry.
The donated assets include requisite datasets for the derivation of tax liabilities calculated on a transactional basis for all types of risks, covering both non-life and life lines of business and covering every tax jurisdiction. They will be used to guide the ongoing development of the ACORD Standards for Global Reinsurance and Large Commercial transactions.
The industry-owned ACORD Standards are widely used for data exchange throughout the global insurance industry, with ACORD messages exchanged daily between insurers, reinsurers, brokers, agents, and others in more than 100 countries. Implementation of ACORD Standards has been shown to improve the speed, accuracy, and efficiency of data exchange.
“Insurance stakeholders worldwide are increasingly aware of the benefits of interoperability. Forward-thinking leaders are choosing to donate internally developed assets to the global industry, through ACORD,” said ACORD President and CEO Bill Pieroni. “These contributions by TMF Group will play a key role in expanding the GRLC Standard into new dimensions of critical interest to our members.”
TMF Group developed these assets as part of its creation of a global insurance tax database and calculator for insurers, brokers and risk managers involved in the implementation of global insurance programmes, wherever they may be physically located. Having worked in close collaboration with the insurance industry for nearly a decade, TMF Group has defined an asset library within its calculation engine, IPT Quote, that allows all stakeholders, whether working pre- or post-bind, to determine easily and accurately their global tax liabilities irrespective of the complexity of the underlying programme.
Mark Weil, Group CEO of TMF Group and a former insurance industry executive said, “TMF has been working closely with the insurance industry for many years, grappling with the challenges of determining tax liabilities on global programmes. Our IPT team has worked hard to create the tax calculation datasets to help simplify doing business in the global insurance market.” He added, “Through this partnership with the ACORD standards body, we are very pleased to help industry participants navigate the complex and ever-changing landscape of global insurance tax.”
About TMF Group: TMF Group is the leading provider of administrative support services for international business expansion. With some 7,800 experts – in-house, on the ground in over 80 locations – and is the only company worldwide to provide the combination of fiduciary, company secretarial, accounting and tax and HR and payroll services essential to the success of businesses investing, operating and expanding across multiple jurisdictions. We know how to unlock access to some of the world’s most attractive markets – no matter how complex – swiftly, safely and efficiently. That’s why over 60% of the Fortune Global 500 and FTSE 100 and almost half of the top 300 private equity firms use us. We make a complex world simple. www.tmf-group.com