KPMG on the Bermuda captive team will be attending the Bermuda Captive Conference next week.
A spokesperson said: “KPMG on the Bermuda Captive Team will be considering some of the big issues facing the insurance industry at next week’s Bermuda Captive Conference, from the impact of Covid-19 to insurance solutions for the cannabis industry and the outlook a revision of the international tax system.
“KPMG is sponsoring the annual event, which will take place next Monday and Tuesday in fully digital form. The conference traditionally attracts hundreds of delegates from Bermuda and around the world, including captive owners, risk managers, regulators and support providers.
“DR. Edward Fitzgerald, Director of Health Care; Bron Turner, Director; and Will McCallum, Managing Director, Head of Tax will be appearing on panel discussions.
Mark Allitt, Managing Director, Sector Lead, Insurance at KPMG, who is also on the board of the Bermuda Insurance Managers Association [BIMA], said: “KPMG has sponsored the Captive Conference for many years – the captive market is an important pillar for us and this is also a very important conference for Bermuda.
“It’s a great opportunity to reconnect with customers, talk to owners about how their prisoners can evolve to better meet their needs, and fuel the discussion, both through the conference sessions and the digital meeting -Platform.”
Dr. Fitzgerald will speak in the opening panel discussion on Monday titled “The Pandemic – Is There Light At The End of the Tunnel For Your Business And Will The Pandemic Affect Your Prisoners?” He said there were three main points he wanted to get across.
“First of all, I want to stress that we shouldn’t believe that COVID-19 is over: it is a multi-speed recovery in many countries, and some have not even started adopting vaccines yet,” said Dr. Fitzgerald. “The geopolitical and economic ramifications will be with us for some time to come, even as they disappear from the headlines in the US and UK.
“Second, when the pandemic has finally subsided, we will face a tsunami of aftermath, particularly on the healthcare sector. There will be a great wave of people who have come out of the woodworking sector, who have missed treatment or screening, and who have problems with delay. This will have a significant impact on healthcare systems, healthcare providers and insurers.
“Third, the nature of healthcare will be forever changed by the digital transformation we are experiencing. It’s long overdue, but the stakeholders are not on board yet. We are seeing a much wider use of telemedicine, remote monitoring, and remote maintenance. Healthcare will not be the way it was. “
Bron Turner, Director, will be among the panelists on Monday to discuss “New Frontiers to Risk Mitigation – Establishing a Bermuda Captive for Your Cannabis Business”.
“This is a multi-billion dollar industry that the commercial insurance market does not fully serve,” said Turner. “It’s tightly regulated, it’s complex, and it’s new. “This will allow captives to fill the void and provide coverage that cannabis companies cannot obtain in the commercial market.
“Bermuda is open to business as we have already licensed a cannabis prisoner, and we have another couple in the pipeline that I know of.”
“Canada has been at the center of the cannabis industry’s growth so far. However, Turner said that new legislation passing through U.S. Congress that would remove federal hurdles for banks and insurers to service legitimate cannabis companies would be a catalyst for the industry’s expansion in the U.S.
“On Tuesday, Mr. McCallum will discuss“ BEPS: A Framework for the Future ”in the control panel. BEPS is the two-pillar initiative of the Organization for Economic Cooperation and Development.
“Pillar 1 focuses on the digital industry, but we as a panel will primarily be talking about Pillar 2, which aims to ensure that the income of multinationals is subject to a minimum tax rate in any jurisdiction, be it in that jurisdiction or through the operation of rules where other jurisdictions are exaggerating and taxing, ”said McCallum.
“We’ve had a year and a half of pretty intense deliberations and discussions behind us. It has changed in the last three months as the US really put its weight behind these initiatives.
“We will bring into the discussion the latest proposals from the Biden administration for another round of the great US tax reform based on the reform that we experienced under Trump in late 2017 and withdraw some of his proposals, but especially those of the anti- Base erosion perspective strongly emphasized. “
McCallum added, “A rule to impose minimum levels of corporate tax on multinationals does not necessarily mean that every country has a corporate tax system.
“The goal is just to ensure that multinational corporations, one way or another, pay a certain amount of tax. We’ll look at what this could mean for Bermuda and the captive industry in particular. There is certainly a chance that the world will change quite radically. “
“KPMG will have a virtual booth at the Bermuda Captive Conference. To register for the conference, visit here. “
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