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Self Procured Tax Compliance In certain States within the USA the purchase of insurance from an out of State insurer either directly or via an unlicensed broker can be subject to self procurement tax (sometimes also known as direct placement tax).

FiscalReps has developed a suite of tools to assist your organisation in achieving tax compliance:

This is made more complicated as each individual State has the power to implement its own laws around this area of taxation and there is no harmonisation of selfprocurement taxes on a State by State basis.

FiscalReps have compiled a self-procured tax compliance manual which can be tailored to your business requirements and provides you with the information that your organisation needs to remain fully compliant with self-procurement tax legislation covering every State within the USA.

Furthermore in many States certain classes of insurance business are specifically exempted from these selfprocurement taxes. FiscalReps can make sense of your tax status in each State by: •

Identifying your tax compliance obligations in each State

Building a tax compliance solution to fit your requirements

Managing your on-going tax compliance

Compliance Manual

The information has been thoroughly researched by FiscalReps team of international premium tax experts and in all cases is cross-referenced to the appropriate local legislation and tax office guidance. Versions are available for insurers and insurance buyers. If your organisation needs to establish what its selfprocurement tax compliance requirements are in the USA then this FiscalReps guide is the perfect starting point. Outsourced Tax Compliance FiscalReps can take care of your organisations self procurement tax compliance issues by engaging directly with the local state authorities on your behalf and ensuring that all your tax returns are filed on time, every time. Tax Prompt Service As there is no harmonisation between States, knowing when to file tax returns in each State can be a real headache. By engaging with FiscalReps prior to procurement of insurance, FiscalReps can prepare a tax compliance checklist for your organisation detailing the requirements and deadlines.

London | t: +44 (0)20 7036 8070 | e: mike.stalley@fiscalreps.com New York | t: +1 (212) 605 0466 | e: asher.harris@fiscalreps.com www.fiscalreps.com


Meet the Team Mike Stalley FCA, Chief Executive An acknowledged expert in the area of international premium tax Mike is a regular speaker at industry events, including Captive Live UK, Captive Live USA and Airmic, and contributor to insurance industry publications including Captive Review and Captive Insurance Times. Prior to forming FiscalReps Mike worked in the insurance industry both in Bermuda and the Lloyds market in London. Mike is a UK qualified chartered accountant and is based in London. Asher Harris, US Principal Asher is a US qualified lawyer, specialising in insurance and taxation. Asher gives tax advice to many captive managers and owners and is a specialist in the area of captive insurance and taxation. Asher is the Principal of FiscalReps America, based in New York. He is also able to offer legal advice and opinions through his own independent law practice.

Karen Jenner ACII, Client Director Karen is the Client Director of FiscalReps’ Captive Practice, responsible for the overall servicing of FiscalReps growing global captive client base. Prior to joining FiscalReps, Karen worked for AIG for over 10 years in their Major Accounts Practice, specialising in the co-ordination of global insurance programs for many of the world’s largest corporates, many of whom used captives as an integral part of their insurance strategy. Joseph Finbow, Client Manager Joseph is the Client Manager of FiscalReps’ Captive Practice, responsible for all premium tax compliance aspects of our captive clients. Joseph joined FiscalReps from KPMG where he worked in their IPT Practice, advising global insurers on global premium tax compliance. Joseph is completing his final chartered accountancy exams in 2013.

London | t: +44 (0)20 7036 8070 | e: mike.stalley@fiscalreps.com New York | t: +1 (212) 605 0466 | e: asher.harris@fiscalreps.com www.fiscalreps.com


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