|In our last newsletter, Globex shared some important updates which we received from our Network Partners in the Philippines. These were in regard to new minimum tariff rates for specific catastrophe perils: Earthquake, Typhoon and Flood. The new rates would take place on November 1, 2022. The PIRA (Philippine Insurers and Reinsurers Association) filed for deferment of the implementation of the new rates, requesting these to start on January 1, 2023. We recently have been informed that the Insurance Commission in the Philippines has approved the deferment. The new minimum CAT rates for Earthquake, Typhoon and Flood will go into effect on January 1 2023.|
Singapore – VAT Increase
.Starting January 1, 2023, all local admitted policies in Singapore will be subject to an 8% VAT tax. Currently, the VAT tax rate stands at 7%. Globex is checking with our network partners whether any policies which have a policy inception date prior to December 31, 2022, but are issued in 2023, would also be subject to the increased VAT
India – Form 10-F Electronic Filing Update
In Volume 8 of our GUS newsletter, we shared an article about reinsurance transfer documentation in India. This referenced Form 10-F which all foreign reinsurers, who wish to place business in India, file annually. Local insurers complete the annual requirement of all documentation and have been requested by the Indian Insurance Regulator, the IRDAI, to file Form 10-F digitally, and not in an analog manner. As promised, Globex obtained further clarification on the process. Foreign reinsurers are not expected to obtain PAN (Permanent Account Number) in India and therefore should not proceed with the 10-F electronic filing procedure for now. Globex will continue to assist our Partner Markets with the established annual tax documentation procedure and will keep them updated on any changes in the process. The remittance of net premiums will not be affected, nor delayed. For any further information on this topic, please feel free to reach out to any Globex member.
Globex Underwriting Services – Silver Sponsor at IUMI in Chicago
|Globex has been providing our clients with multinational expertise for over 29 years. Our services expand over all lines of business, but our origins come from the placement of international Marine accounts. Globex is happy to share that we participated and were Silver Sponsors at the recent IUMI conference that was held in Chicago in September.|
The IUMI (International Union of Marine Insurance) conference is organized by the American Institute of Marine Underwriters (AIMU). AIMU’s organizing committee selected Chicago for several compelling reasons: its size, diversity, architecture, and easily accessible location. Chicago is located in the state of Illinois on Lake Michigan and was established as a city in 1837. Chicago ranks as the third largest city in the United States, after New York and Los Angeles. Chicago also is an important marine market in the United States and home to the headquarters of a number of major insurance companies and brokers.
The IUMI conference allowed Globex an excellent opportunity to meet clients, brokers, and other insurance companies and experts in a three-day event, full of presentations and networking opportunities. Our Managing Director, Ning Xu, commented that “the Globex team worked passionately to make the conference a successful, memorable, inspirational, and productive event. We had a lot of fun, and these types of events are so welcome, particularly since the IUMI community was unable to meet in person in Stockholm and Seoul”.
For any additional information about Globex Underwriting Services, please reach out to any member of our teamForeign Reinsurers placing business in India are familiar with the documentation that is required for the Reinsurance file; to request the transfer of net reinsurance premiums, a Form 10-F is required. This form contains standard information about the foreign registered reinsurer and is furnished to the local insurer on an annual basis. Globex recently was informed that going forth, this requirement is to be provided electronically, and a physically signed declaration shall no longer be valid. Although the change became effective on July 16 of 2022, this has not been imposed till very recently. Globex is in the process of obtaining further clarification, and we will keep our readers posted.
International Corner: Halloween and its Origins
Halloween has become a worldwide celebration. A celebration that brings much joy to children who are happy trick or treating and devouring candy – and dentists who are happy to take care of all sugar-loaded patients! But where did Halloween start and how has it become this worldwide phenomenon? There are numerous trains of thought, but a popular story about the origins of Halloween is a tradition originating with the ancient Celtic festival of Samhain (a Gaelic word pronounced “SAH-win”). Samhain was a pagan religious celebration to welcome the harvest at the end of the summer when people would light bonfires and wear costumes to ward off ghosts. In the eighth century, Pope Gregory III designated November 1 as a time to honor all saints. Soon, All Saints Day incorporated some of the traditions of Samhain. November 1 continues to be a National Holiday in many parts of the world.