Accounting & Tax
Eastern Canadian Province Slaps 15% Sales Tax on Insurance Policies
The eastern Canadian province of Newfoundland and Labrador is imposing a new 15 percent retail sales tax on home, auto and business insurance policies. Effective July 1, 2016, all new or renewing ...
AIG to Appeal California Ruling Allowing PIMCO Suit to Proceed
American International Group Inc. failed to persuade a judge to throw out a lawsuit by Pacific Investment Management Co. over investments that were wiped out because of the insurer's exposure to ...
CFOs Reveal Wackiest Expense Report Submittals; What to Do About Them
If you're a CFO who has been doing a double-take at some of the expense reimbursement requests submitted for your approval, you're not alone. Only 11 percent of executives reported a drop in ...
Paulson Hedge Fund Pulls Plug on Bermuda Reinsurer PacRe
Billionaire John Paulson's New York hedge fund firm has shut an operation in Bermuda that had been targeted by a Democratic lawmaker as a tax shelter. Paulson's venture, a reinsurer named PacRe Ltd., ...
Loeb’s Third Point Re Faulted for ‘Unconscionable’ Tax Scheme by Teachers
Hedge fund manager Daniel Loeb was singled out for criticism by labor leaders who are urging the U.S. to limit investors' ability to lower tax obligations through offshore reinsurance ventures. "When ...
‘Clean’ Audit Reports Have Hidden Warnings That Investors Miss
Investors may be overlooking information about financial misstatement risk in unqualified audit reports, according to research from the McCombs School of Business at The University of Texas at ...
No Ratings Impact Seen From Proposed Offshore Re Tax Changes: A.M. Best
Tax changes proposed by U.S. lawmakers to prevent offshore tax avoidance by reinsurers will not lead to prompt any rating revisions over the near term, according to a briefing from A.M. Best. Under ...
Moody’s Says FASB’s Reserve Disclosure Update is a Plus for Credit Analysis; IFRS Differences Remain
In a Credit Outlook report published earlier this week, an analyst from Moody's Investors Service described an updated accounting standard related to property/casualty insurance loss reserves as a ...