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TMF Group, the global business service provider, has donated key insurance tax calculation assets to ACORD, the global standards-setting body for the insurance and related financial services industries.
These assets, which TMF developed when creating its global insurance tax database and calculator, will be incorporated into the ACORD data standards and architecture, used by ACORD members as well as traders throughout the global insurance industry.
The donated assets include requisite datasets for the derivation of tax liabilities calculated on a transactional basis for all types of risks, covering both non-life and life lines of business in every tax jurisdiction. TMF’s calculation engine, IPT Quote, allows all stakeholders to determine their global tax liabilities, irrespective of the complexity of the underlying programme, TMF said.
The assets will be used to guide the ongoing development of the ACORD standards for global reinsurance and large commercial transactions, the groups said. The industry-owned ACORD Standards are used for data exchange throughout the global insurance industry. ACORD messages are regularly exchanged by industry practitioners, including insurers, reinsurers, brokers and agents, with the standard helping improve the speed, accuracy and efficiency of data exchange, ACORD said.
Bill Pieroni, CEO of ACORD, said: “Insurance stakeholders worldwide are increasingly aware of the benefits of interoperability. Forward-thinking leaders are choosing to donate internally developed assets to the global industry, through ACORD.”
Mark Weil, Group CEO of TMF Group, added: “TMF has 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 worked hard to create the tax calculation datasets to help simplify doing business in the global insurance market.”
TMF, ACORD, Bill Pieroni, Mark Weil