A planned insurance regulatory and tax database will enable the London market to interpret and apply insurance and tax laws consistently, said Praveen Sharma, global leader of insurance regulatory and tax consulting practice at Marsh. In this way, regulatory and tax compliance will cease to be a differentiator between competing insurance companies, he said, at a time when parties have started bidding to create the project, organised by Airmic.
"All multinational companies and insurers want to adhere to the local legislation, but there is currently a lack of consistency in how that legislation is applied by the market. With the new database, compliance would not be a differentiator, and insurers will be able to compete on price, quality of service, and quality of cover," Sharma said.
"This will avoid two tier structures, with some global insurers maintaining that they are more compliant than others because they feel their database is more credible. Such an approach can often lead to
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