ION Insurance Group, S.A. (ION) was formed in 2004 in San Jose Costa Rica with an initial Capitalization of US$55.5 million dollars. Today the Group includes ION Surety Company S.A. and ION Insurance Company, Inc. (US). 2016 Group Balance Sheet Assets are US$169,920,000.
ION Insurance Company (IIC) was formed in 2016 as a natural expansion of ION Insurance Group's global presence with an opening audit confirming Balance Sheet Capital of $75,000,000 to better serve and support US based clients and employers which are primarily branches of the United States Government. Domiciled and regulated in American Samoa by the American Samoa Department of Insurance under Certificate of Authority No. 14-0102 the Company is also actively focused on supporting the local insurance market in all classes of insurance and re-insurance including Fire, Contractors All-Risk, Marine and Marine Cargo, General Aviation and of course Surety and Financial Guarantee. IIC is also registered and in good standing in the State of Louisiana under Registration No. 42291649F as well as with the National Association of Insurance Commissioners (NAIC) under Registration No. 15936.
The Group was originally formed to fill a niche in the insurance market for clients who had difficulty in obtaining coverage from mainstream insurers, either because of the nature of their business or their physical location. The Group has now evolved into a special risk underwriter concentrating on Marine Hull, Aviation, Financial Guarantees and Bonds, Facultative Reinsurance and Reinsurance Treaty business.
Our experience covers all facets of Insurance and Reinsurance, from Business Production, through Underwriting of Risks, to Administration, Accounting and Claims Management.
Clients can be secure in knowing that ION appoints local third party claims adjusters to assure absolute integrity in the loss adjustment process in a prompt and professional manner to provide our clients with a superior claims experience.
The company maintains a conservative approach to Underwriting. This strategy has worked well and the Company has grown steadily in size, whilst maintaining its profitability.
During its history, ION Insurance Group, S.A. has been accepted as approved security by numerous clients, financial institutions, insurance companies and, Sovereign Government.
US Foreign Account Tax Compliance Act (FATCA)
The United States Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 as part of the US Hiring Incentives to Restore Employment Act (HIRE) and is effective from 1 July 2014. The law is enforced by the US tax authority, the Internal Revenue Service (IRS).
The purpose of FATCA is to improve the tax compliance of US taxpayers who have foreign financial assets and offshore accounts. FATCA requires financial institutions to report on information about their US customers, which information will be passed to the IRS.
Under the provisions of FATCA, brokers, producers, agents and/or insurance customers making payments to insurance or reinsurance entities or other intermediaries may need to obtain withholding certificates (IRS Forms W-8 or W-9) to confirm the recipient’s compliance with the FATCA regulations. Typically, Form W-8BEN-E is provided by non-US entities and Form W-9 is provided by US entities.
Please consult your tax adviser for further information on FATCA.
Information on FATCA can also be obtained from the IRS at:
ION Insurance Company Inc and FATCA
The ION Insurance Group SA, and specifically the companies within the ION Insurance Group SA subgroup, is FATCA compliant.
ION Insurance Group SA is the trading name for the combined operations of Ion Insurance Company Inc, and Ion Surety Company SA Inc.
Questions regarding Ion Insurance Company Inc’s FATCA compliance, including requests for IRS Forms W-8 or W-9, should be sent to email@example.com
For confirmation of FATCA compliance in respect of premium payments to Ion Insurance Company Inc, please request this company’s W-8BEN-E from firstname.lastname@example.org
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