iStock_000023398055Small.jpg

OAC discusses IPT with All-Party Parliamentary Group for Mutuals in Westminster

OAC news
HM Treasury, Life insurance, Mutuals

20 June 2018

This week, OAC was pleased to attend and support the Association of Financial Mutuals (AFM), including representatives of its membership, at an 'All-Party Group for Mutuals' meeting in Westminster, London, to discuss with parliamentarians the case for reducing Insurance Premium Tax (IPT) on mutual providers of health cash plans. Commissioned by the AFM to provide research into savings for the Welfare State from mutuality, OAC undertook further analysis for the meeting. 

The original research by OAC was published at the annual AFM Conference in Stratford-upon-Avon in October last year which highlighted savings for the NHS, the Welfare State and to employers and individuals, through the provision of mutual health cash plans, private medical insurance policies and income protection policies.

Last year, IPT increased to 12% and generated £33m for HM Treasury from health cash plans. With increases in IPT over recent years, the mutual sector has been challenged with a significant loss of business. An increase in new business from a reduction in IPT would not just see a positive impact on access to health services and investment within the mutual sector but could see savings to the Welfare State well-beyond revenues generated from IPT.

Related information:

Christopher Critchlow

For more information
Christopher Critchlow
Director | Head of Professional Services

Want to find out more about this expert?

< Back to News & insight

Related

21 June 2018

The Actuaries Charity Walk 2018

On Saturday 23 June, a team from OAC will be taking part in "The Actuaries Charity Walk" arranged by The Worshipful Company of Actuaries. It is an 11-mile walk around London to raise money for:...

01 March 2018

Customer Satisfaction Survey 2017

It is important to us to understand how well our teams, across the business, are performing with clients and understand the challenges they face so the services they receive can be continually impr...