As of July 1, 2014, the U.S. FATCA (Foreign Account Tax Compliance Act) regulations came into effect. A core element of these regulations is inter alia a 30% U.S. withholding tax to be applied to payments of certain U.S. source income (e.g. insurance and reinsurance premiums, dividends, interest) made to non-U.S. financial institutions (FFIs) unless such FFI establishes by registration with the U.S. Internal Revenue Service (IRS) that it is a participating FFI, including FFIs in Model 2 IGA, an FFI in a jurisdiction with a Model 1 IGA treated as in effect, or a low-risk FFI. Payments to a non-financial foreign entity (NFFE) are also not subject to such withholding.
International Insurance Company of Hannover SE is classified as a NFFE in accordance with the relevant provisions. As such we are automatically exempt from the withholding tax; a registration with the IRS is not required in this respect. Our status as a NFFE will be evidenced towards our business partners (e.g. cedents, brokers, financial institutions, withholding agents) by the execution of the IRS form W8-BEN-E. Business partners of International Insurance Company of Hannover SE may therefore request a copy of such executed form W8-BEN-E. It is available for download here.
The certificate will be updated and the updated version will be published if any certification on the forms becomes incorrect.