What is CRS?

The Common Reporting Standard (CRS) is a new information-gathering and reporting requirement for financial institutions in participating countries, to help fight against tax evasion and protect the integrity of the global tax systems.

Who is reportable?

The CRS seeks to establish the tax residency of customers. Under the CRS, financial institutions are required to identify customers who are tax resident outside of the country where they hold their accounts and products, and report certain financial account information to the local tax authority. The local tax authority may then share that information with the tax authority in the country where you are tax resident.

Why are you asking me for my jurisdiction(s) of tax residency?

Under the CRS, tax authorities require financial institutions such as Tokio Marine Life Insurance Singapore Ltd to collect and report certain information relating to their customers’ tax status.

If you buy a new insurance policy, take over an insurance policy via Absolute Assignment and/or Section 49L, or change your circumstances, we will ask you to certify a number of details about yourself. This process is called “self-certification” and we are required to collect this information under the CRS. Compliance with the CRS is a requirement under Singapore domestic law.

Are all insurers doing this?

All reporting financial institutions (that are not otherwise exempt from such reporting requirements), including banks, insurers and asset management businesses, are required to be compliant with the CRS.

What information are you asking customers to provide and verify?

In line with the CRS requirements, we will be asking you for the following information:

  • Name
  • Address
  • Date of birth (for Individual and Controlling Persons)
  • Country(ies) of tax residence
  • Taxpayer identification number(s)
  • Place of registration/incorporation (for Entities)
  • Entity Type
  • Controlling Person Type

How is my tax residence defined?

This will depend on your individual circumstances. Please contact a professional tax or legal advisor or check the OECD website for more information on how to determine your tax residency.

The information I have been asked for on the forms is similar to the information I have been asked for under FATCA. Why does Tokio Marine Life Insurance Singapore Ltd need this information again?

Even if you have already provided information under the United States government’s Foreign Account Tax Compliance Act (FATCA), you may still need to provide additional information for the CRS as these are different regulations with different requirements.

FATCA is focused on non-US financial institutions and requires such financial institutions to identify US Persons and report information on these US persons to the US Internal Revenue Service, through IRAS. This is in line with local FATCA regulations. In general, the CRS requires financial institutions to identify the tax residency of all our customers and in certain circumstances, report information on customers who are tax resident outside of Singapore where they hold their accounts to the relevant tax authorities.

I pay taxes in the same country I live in. Why do I need to give you these details?

Under the CRS, we are legally required to establish the tax residency status of all our customers. If you are only tax resident in Singapore and not elsewhere, your financial account information will not be passed on to the Singapore IRAS until there is a change in circumstances.

How often will I need to provide this information?

Once we have a valid self-certification on record, you will only be asked to complete another self-certification when you update certain information on your account or we believe your reportable status may have changed.

This would include changes in circumstances such as update in nationality, update in contact number, address, and/or NRIC/passport number.

Why is Tokio Marine Life Insurance Singapore Ltd providing tax authorities with my tax details?

Tokio Marine Life Insurance Singapore Ltd is required to report your financial account information to the Singapore IRAS for reportable accounts, pursuant to Singapore domestic law.

Will Tokio Marine Life Insurance Singapore Ltd respect my data privacy?

Tokio Marine Life Insurance Singapore Ltd will respect your data privacy. We will only disclose your information to the relevant tax authorities where we are legally required to do so.

Is my information safe?

Customer information is protected by a strict code of secrecy and security which all employees of Tokio Marine Life Insurance Singapore Ltd and third parties are subject to.

I have provided you with my details. Why are you asking me for supporting documents?

We are required by law to verify the details you have provided as part of your self-certification. We might ask you for a copy of your NRIC/passport to verify your identity or for some other evidence of your tax residency declared in your self-certification.

What information will be reported to tax authorities?

The information reported to tax authorities will have been provided in the self-certification form, and details about the accounts and products you have with us, including:

  • the cash value
  • the total amounts of Anticipated Cash Benefits, Dividends, Interests or payments credited

Which countries are participating in the CRS?

For a list of countries participating in the CRS, alongside the dates that they will start exchanging information, please see the OECD CRS portal.

Where can I find further information and advice?

For further information on your tax residency, please refer to the rules governing tax residence that have been published by each national tax authority. You can also find out more at the OECD Automatic Exchange of Information portal.