Insurers need to watch for new state regulations
As the popularity of travel insurance has expanded, the insurance industry over the past 10 years has promoted the development of a regulatory framework for travel insurance products.
Many states are adopting travel insurance rules based on the Travel Insurance Model Law created in 2018 by the National Association of Insurance Commissioners.
Insurers should be aware of new state regulations to make sure they are complying with tax requirements that states are adopting.
For more information on the emerging regulatory framework for the travel insurance industry, how premium taxes are structured for state tax purposes, and how insurers can comply with these tax rules, read this article authored by Grant Thornton professionals in The Federal Lawyer.
Contacts:
Tax professional standards statement
This content supports Grant Thornton LLP’s marketing of professional services and is not written tax advice directed at the particular facts and circumstances of any person. If you are interested in the topics presented herein, we encourage you to contact us or an independent tax professional to discuss their potential application to your particular situation. Nothing herein shall be construed as imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed herein. To the extent this content may be considered to contain written tax advice, any written advice contained in, forwarded with or attached to this content is not intended by Grant Thornton LLP to be used, and cannot be used, by any person for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.
Our insurance featured industry insights
No Results Found. Please search again using different keywords and/or filters.