A corporate purchaser of a multinational business travel or personal accident insurance program has a few seemingly simple requirements:
- Insurance coverage that responds to their specific local needs;
- “execution certainty” with respect to benefits and claim payments; and
- “compliance certainty” that the policy he or she purchases will stand up to scrutiny from both insurance regulators and tax authorities around the world.
However, achieving all three objectives is not a simple task. Uniform coverage and consistent treatment are difficult to achieve across a world of complex and sometimes onerous licensing and taxing requirements. Nevertheless, there are approaches to enterprise- wide multinational business travel and personal accident programs that minimize compliance risk and maximize control over insurance coverage and benefit levels.