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Bulletin No. 2014-15

July 17, 2014   


ELANY has been asked if implementation of the “FATCA” law (federal law), which is scheduled to go into effect under transition rules as of July 1, 2014, will have any effect on the filing and compliance process for excess line transactions with ELANY whether online or by paper filings.

“FATCA” will have no impact nor cause any changes to filing excess line transactions with ELANY or compliance with New York excess line law. 

“FATCA” is a tax law, which may impact excess line policies procured from alien insurers.  The alien insurer must be able to demonstrate “FATCA” compliance or the excess line broker, as the withholding agent, must retain 30% of the premium if the alien insurer, alien broker, or intermediary (where applicable) is not “FATCA” compliant.

ELANY has asked listed alien insurers to identify a company contact person, or provide information on their websites, who will provide documentation to excess line brokers to demonstrate that they are “FATCA” compliant.

Lloyd’s has announced that it will be treated as a “Qualified Intermediary” assuming primary withholding and reporting responsibility for premium paid to Lloyd’s syndicates.  A single form W-8IMY will be issued for Lloyd’s and participating syndicates.

A separate “FATCA” compliance document will be needed for intermediaries including brokers, coverholders and/or service companies.

NAPSLO, CIAB and AAMGA, among others, have published extensive materials regarding “FATCA”.

For more detailed information on “FATCA” please visit   the IRS's FATCA webpage at ( ).  Additionally, copies of FATCA Tax Forms and Instructions can be found at: .

All current ELANY bulletins and other current ELANY publications can be found on our website at .

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