Compliance
We make it our business to properly design a global risk management program for each client.
Compliance is quickly becoming a major issue in cross border transactions. Issues are centered on tax obligations, revenue recognition and appropriate allocation of expenses. Several cases in the EU and in the USA underscore new compliance standards for both insurers and policyholders relative to allocation of premiums and payment of the current VAT or premium taxes. There are also the accounting issues relative to payment of a claim in one county for a loss that occurred in another country.
Furthermore, evolving data breach laws, regulation, and litigation are forcing a proactive approach to preventing and transferring this risk through insurance.
Duplicate insurance coverage in each country with operations can be a significant problem in the event of a claim with coverage provided by the insurance program in another country. This creates problems in arranging defense and determining which insurance program is the primary insurer. Duplicate coverage is problematic for effective protection against risk for the international company.
