The London market - together with professional services heavyweight Ernst & Young (E&Y) - is grappling with the unexpected repercussions of being caught in the net by the Foreign Account Tax Compliance Act (FATCA).
The US anti-tax evasion law will burden all overseas (re)insurers that write US business with a new layer of bureaucracy, and they will have only months to implement the processes required.
Earlier this year, the US tax authorities confirmed that the industry will be covered by...
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