|
Insurance and Reinsurance Newsflash |
|
|
 VAT implications for insurers (and reinsurers) of the Swiss Re Germany - Advocate General's Opinion
VAT on portfolio transfers:
Are transfers exempt from VAT as "insurance transactions"?
On 13 May 2009, the Advocate General (Mengozzi) delivered his Opinion in the case of Swiss Re Germany Holding GmbH v Finanzamt München für Körperschaften (Case C-242/08).
The case concerned the transfer (with the consent of the reinsureds) of 195 reinsurance contracts from Swiss Re Germany to another Swiss Re company in Switzerland. The Swiss company paid an amount to Swiss Re Germany calculated by deducting the negative value ascribed to 18 of the contracts from the positive value ascribed to the 177 other contracts.
The issue was whether the transfer of reinsurance contracts from one reinsurer to another is an "insurance and reinsurance transaction" for VAT purposes and, therefore, exempt.
Download (pdf)
|
If you have an article or information you would like to see published on Runoffmarket.com please get in touch using the Contact Us page or email
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
for more information.
