Insurance Europe has published its response to a consultation by the Organisation for Economic Co-operation and Development (OECD) on a draft of a parallel tax data exchange on cryptocurrency assets and proposed amendments to the Common Reporting Standard (CRS), focusing on the latter.
The OECD made several proposals for changes regarding the CRS and its commentary. Insurers called for the new reporting requirements to be introduced over a reasonable timeframe to allow the industry enough time to update its IT systems.
Insurers stressed that “non-cooperative” behaviour of account holders should not result in additional obligations for financial institutions.
Insurance Europe also made some general remarks on the OECD’s proposed amendments to the CRS, again stressing the need to avoid an unnecessary increase in administrative burden for insurers.