PR Newswire: news distribution, targeting and monitoring
2014
See more news releases in Banking & Financial Services  | Insurance  | Contracts

ABIR Applauds US-Bermuda Agreement to Share Tax Information

Agreement to promote tax transparency, encourage international cooperation to end tax evasion

Share with Twitter Share with LinkedIn

WASHINGTON, Dec. 19, 2013 /PRNewswire/ -- Bradley Kading, president and executive director of the Association of Bermuda Insurers and Reinsurers (ABIR), today praised an s>s>intergovernmental agreement signed by US Consul General Robert Settje and Bermuda Minister of Finance the Hon. E.T. "Bob" Richards to implement the Foreign Account Tax Compliance Act (FATCA). The agreement, which signals international cooperation on tax law enforcement and compliance, seeks to promote transparency on tax matters.

"I would like to applaud both the governments of Bermuda and the United States for working together to improve international tax compliance and ultimately strengthen the economies of both nations," said Kading. "As the largest supplier of catastrophe reinsurance to US insurers, Bermuda has a strong relationship with the United States that has only been reinforced through this agreement."

Over the last 12 years alone, Bermuda's insurers and reinsurers have contributed an estimated $35 billion in catastrophe claims payments to their US clients, including $2.5 billion in response to the World Trade Center tragedy, $17 billion for Hurricane Katrina and $2 billion following tornado outbreaks from 2010 to 2012. This amount now also includes the estimated $3 billion in reported losses by Bermuda's reinsurers for Hurricane Sandy. 

In remarks made by the Bermuda minister of finance during the signing of FATCA, the Hon. E.T. "Bob" Richards commented that the agreement "emphasizes Bermuda's commitment to international cooperation in tax matters to fight against cross boarder abuse tax laws." Minister Richards noted that Bermuda now has 41 bilateral Tax Information Exchange Agreements (TIEA's) in place globally and has multilateral agreements that result in tax cooperation agreements with 60 jurisdictions globally. 

Echoing the finance minister's sentiment, the US consul general remarked in his press release that the agreement continues the "long tradition of friendship and collaboration that marks the United States-Bermuda relationship."

The FATCA agreement builds on the 1988 bilateral tax information exchange agreement between the two nations. In 2010, the United States enacted FATCA to obtain information on accounts held by US taxpayers in foreign countries. The signing of the Bermuda FATCA agreement will now require foreign financial institutions to identify and report annually information about US account holders directly to the US Internal Revenue Service (IRS). Bermuda also has in place with the United States the Mutual Legal Assistance Treaty.

About ABIR: The Association of Bermuda Insurers and Reinsurers (ABIR) represents 21 international insurers and reinsurers. With underwriting operations in Bermuda and with operating subsidiaries around the world, these carriers derive business income from over 100 countries globally. ABIR's mission is to represent the public policy interests of Bermuda's Class 4 insurers and reinsurers around the world. For more information, please visit: www.abir.bm

Contact:
Emily Pappas
(202) 448-5208
epappas@podestagroup.com

SOURCE Association of Bermuda Insurers and Reinsurers (ABIR)



RELATED LINKS
http://www.abir.bm

Featured Video

Journalists and Bloggers

Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.

View and download archived video content distributed by MultiVu on The Digital Center.

Share with Twitter Share with LinkedIn
 

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

 
 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

 
 

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.

 
Area to test

Online Member Center

Not a Member?
Click Here to Join
Login
Search News Releases
Advanced Search
Search
  1. PR Newswire Services
  2. Knowledge Center
  3. Browse News Releases
  4. Contact PR Newswire
  5. Send a News Release