Reduce Risk with the First Complete Solution for Insurance Premium Tax

Automate jurisdiction-level summary reporting, remittance & payment for insurance premium tax

Centralize Data & Guarantee Accuracy

Get accurate, centralized reporting for insurance premium tax

The risks involved with inaccurate IPT reporting are severe for insurers. With traditional paper-based reporting methods disappearing in favor of e-filing, insurers face increasing complexity and elevated consequences for non-compliance. You need a reporting solution that centralizes data and guarantees accuracy. 

With Sovos IPT Reporting, you can:

  • Review calculations and identify errors;
  • Export data for returns; and
  • Use exported IPT data to auto-generate tax returns

Get Quantifiable Benefits

Streamline and automate compliance processes

Streamline and automate compliance processes, with a single reporting operation across multiple countries.

Free staff from manual activities

Free staff from manual activities, while increasing data analysis capacity, with a 75 percent time reduction in creating each tax return.

Adopt cloud software

Adopt cloud software that tracks any modification and automatically updates regulatory changes.

Enjoy the benefits of an end-to-end solution

Combined with Sovos IPT Determination, Sovos IPT Reporting provides the first complete solution for insurance premium tax.

With a continually updated database, you get the latest rate, filing and regulatory information and advice. Increased data accuracy and access to regulatory information reduce the risk of errors in IPT liability calculation or in adhering to regulations or filing procedures.

Consolidate your liability calculations and report generation into a single end-to-end system, and you’ll improve audit visibility while making calculation reviews easier. 

Sovos IPT Reporting Includes:

  • Advanced IPT reporting, with IPT returns, country-specific and transactional reporting
  • Local knowledge, in more than 20 languages
  • The same reporting processes across locations despite local variations in regulations
  • 24/7 regulatory analysis and IT teams delivering real-time updates and notifications 
  • Audit defense through audit trail
  • Reconciled data, with the same data set used in Sovos IPT Determination
  • Analysis and input validation
  • Automatic data extraction from the underwriter, accounting or policy administration systems through API
  • Adaptability to business scenarios through product mapping
  • Data archives
  • Data encryption, not only in transit to the cloud but also within the solution during data manipulation
  • The most complete tax rates and profiles databases, and consistent IPT rates tables across operations
  • Intuitive automation
  • Accessible anytime, anywhere via a cloud platform 

Clients / Partners