TMF Group's specialised IPT compliance function, with its collaborative approach to system development for the insurance industry, has donated key insurance premium tax calculation assets to ACORD, the Association for Cooperative Operations Research and Development.
Owned by the industry, ACORD sets global standards for insurance and related financial services. These vast datasets are used to derive transactional tax liabilities for all types of risks, non-life and life, in every tax jurisdiction around the globe. Incorporation into the current standards and architecture used by ACORD members worldwide helps guide their continuing development.
TMF Group created these extensive datasets during a decade-long development of its global insurance premium tax (IPT) database and calculator in close collaboration with the industry. This asset library is part of the IPT Quote calculation engine used pre- or post-bind by insurance programme stakeholders to accurately determine their global tax liabilities.
ACORD standards improve the speed, accuracy, and efficiency of data exchange throughout the global insurance industry. Insurers, reinsurers, brokers, agents and other parties exchange ACORD more than 100 countries each day.
"Forward-thinking leaders are donating internally developed assets to the global industry through ACORD," its President and CEO Bill Pieroni explained. "These contributions by TMF Group will play a key role in expanding the GRLC (Global Reinsurance & Large Commercial Carrier) standard into new dimensions of critical interest to our members."
Mark Weil, TMF Group CEO and a former insurance industry executive, said "We have been working closely with the insurance industry for many years, grappling with the challenges of determining tax liabilities on global programmes. Our IPT team has developed the tax calculation datasets to help simplify doing business in the global insurance market. Through this partnership with ACORD we are very pleased to help industry participants navigate the complex and ever-changing landscape of global insurance tax."
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