FATCA Regs Come Up Short For P&C Insurance Industry
March 10, 2014, 6:41 PM EDT
Law360, New York (March 10, 2014, 6:41 PM EDT) -- On Feb. 20, 2014, the U.S. Department of the Treasury and the Internal Revenue Service “pre-released” new final and temporary regulations under the Foreign Account Tax Compliance Act that supplement and modify the previous set of FATCA regulations issued in January 2013. The new FATCA regulations provide positive changes with respect to several issues raised by the property and casualty insurance industry, including revisions with respect to the treatment of:
Holding companies that own insurance companies; Direct reporting and sponsored direct reporting nonfinancial foreign entities ("NFFEs"); Payments...