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GFIA Submission on US PFIC Tax Regulations

Release Date: 10/29/2015
Staff Reference: Peggy McFarland

The Global Federation of Insurance Associations (GFIA) is writing to express our concerns on proposed regulations set forth in Internal Revenue Service, Notice of Proposed Rulemaking, 26 CFR Part 1, REG-108214-
15, RIN 1545-BM69, entitled “Exception from Passive Income for Certain Foreign Insurance Companies” (the “Proposed Regulations”). GFIA’s 39 member associations represent insurers that account for around 87% of total insurance premiums worldwide. The GFIA is a non-profit association established to represent national and regional insurance associations that serve the general interests of life, health, general insurance and reinsurance companies and to make representations to national governments, international regulators and others on their behalf.