FERMA designates Laurent Nihoul as Chairman of the Ferma Captive Initiative
Laurent Nihoul, General Manager Corporate Risk and Insurance at ArcelorMittal, Board Member of ALRiM and FERMA has been designated Chairman of the FERMA Captive Initiative during the last FERMA Board Meeting held on September 19th.
FERMA launched in September 2016 a campaign to ensure a consistent implementation of the OECD recommendations on BEPS. After a first meeting with the OECD tax department, FERMA published in June 2017 an information report to allow OECD members to assess in a consistent manner the compliance of captive (re)insurance covers with the BEPS recommendations. The report draws on contributions from all its 22 member associations. FERMA’s main objective is about promoting consistency in the way BEPS principles will be applied to captives. At the core of the paper are the proposed guidelines which are meant to support national authorities when transposing BEPS actions into their national laws
As chairman of the FERMA Captive Initiative, Laurent obviously intends to continue the dialogue with the OECD in respect of BEPS questions and their further developments. He will also focus on monitoring Solvency II practical impacts and potential solutions to be developed to help European national associations and their members in coping efficiently with the new regulatory framework. IFRS 17 will also be one of his focus as it is expected to be another main challenge for captive owners in the next years.
With Luxembourg being the most important domicile for captive (re)insurance companies in the EU, ALRiM warmly welcomes Laurent’s appointment and is glad to have one of its Board Members being involved in such an important topic for Luxembourg.
You can read his latest interview on http://www.commercialriskonline.com/ferma-campaign-defend-captives-forges-ahead/