The final regulations relating to the provisions of the Foreign Account Tax Compliance Act (FATCA) were issued along with a press release on January 17, 2013.
The final regulations contain over 500 pages of guidance that will undoubtedly consume a significant amount of time as stakeholders including banks, investment funds, insurance companies, and their clients, study their content. As it relates to the insurance industry, these final regulations contain a number of significant differences from the proposed regulations.
PwC released an earlier newsbrief on January 18, 2013 highlighting many of the distinctions between the proposed and final regulations, which potentially apply to all industries. To supplement the earlier newsbrief, this newsbrief describes the most notable differences between the proposed and final FATCA regulations that will impact insurers.