An insurance expert warns that the financial crisis and cross-border cooperation between insurance supervisors and tax authorities has led to increased scrutiny of insurance compliance. Speaking at the BIE Executive Forum—Risk Perspectives, Praveen Sharma, senior vice president and practice leader at Marsh Inc.’s regulatory and tax consulting unit, said he has seen a recent increase in audits carried out by tax and regulatory authorities. BusinessInsurance.com writes:
Multinational companies are being squeezed from all sides—by accounting, insurance supervisory and tax authorities, said Mr. Sharma. Multinational companies also face an inconsistent response from insurers, he added, with some insurers moving forward with solutions while others are sticking with past processes.
