FiscalReps is to launch a suite of tax and regulatory compliance products for the US insurance industry called complianceDNA.
The firm claims that this new on-line application eliminates the “compliance headache” for US insurance professionals by managing key reporting deadlines, automatically generating documents and returns, and saving evidence of compliance in a single, secure web application.
“With 50 states all employing different tax, licensing and regulatory frameworks, remaining compliant within the [US] is a significant burden for insurance professionals,” said Asher Harris, compliance practice leader for FiscalReps USA.
“With complianceDNA, we are introducing a single portal for managing all compliance requirements, which will save the industry time and money and significantly reduce the chances of non-compliance.”
Phase 1 of complianceDNA comprises a premium tax and state licensing solution for risk purchasing groups; a nationwide self-procurement tax solution for insurers and policyholders; and a Federal Excise Tax solution for policyholders and alien insurers with Federal Excise Tax exposures.
Phase 2, due for launch in Q1 of 2015, will comprise a premium tax and state licensing solution for risk retention groups; a tax and licensing solution for the surplus and excess lines market; and State Premium Tax compliance for domestic insurance companies.
Phase 3, expected midway through 2015, will include federal and state income tax filings and national Association of Insurance Commissioners filings for insurers and captives.
Mike Stalley, founder and chief executive of FiscalReps in Europe, commented: “FiscalReps’s market-leading experience in Europe has enabled us to create a robust platform for the [US] that ensures full compliance can be achieved easily, whilst simultaneously driving down the time and cost of compliance management.”
“Crucially, complianceDNA significantly reduces the risks of tax non-compliance.”
