Tax consultancy firm FiscalReps has launched a new product aimed at providing the US insurance industry with a single solution to manage all of its tax and regulatory compliance requirements.
The online application, complianceDNA, was launched at Captive Live USA conference.
FiscalReps said the application eliminates the compliance headache for US insurance professionals by managing key reporting deadlines, automatically generating documents and returns, and saving evidence of compliance in a single, secure web application.
“With 50 States all employing different tax, licensing and regulatory frameworks, remaining compliant within the United States is a significant burden for insurance professionals,” said Asher Harris, compliance practice leader, FiscalReps USA. “With complianceDNA®, we are introducing a single portal for managing all compliance requirements, which will save the industry time and money and significantly reduce the chances of non-compliance.”
The second phase is due for launch in the first quarter of 2015, with the third phase expected midway through 2015.
The business is led by Mike Stalley, founder and chief executive of FiscalReps in Europe, and Asher Harris, a New York-based independent insurance tax attorney.
Stalley said: “FiscalReps’ market-leading experience in Europe has enabled us to create a robust platform for the United States that ensures full compliance can be achieved easily, whilst simultaneously driving down the time and cost of compliance management. Crucially, complianceDNA significantly reduces the risks of tax non-compliance.”
FiscalReps, Europe, North America, Captive Live USA