Answereda year ago
What challenges are expats facing regarding insurance due to the new FATCA financial law?
Has anyone else had a problem getting insurance or anything because of this new fatca financial law.something having to do with preventing tax fraud
Answer summary
The discussion revolves around difficulties in obtaining insurance related to new FATCA (Foreign Account Tax Compliance Act) regulations aimed at preventing tax fraud. Participants express concerns over the specific requirements of FATCA, with mentions of challenges in accessing travel insurance and whole life insurance policies, particularly when values exceed stipulated amounts. There are personal anecdotes about denied claims and challenges working with certain insurance providers.
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Peter **********
Probably they just needed an excuse to deny you. I had a similar nonsense excuse trying to get PA insurance at SCB.
I went online and arranged AXA within minutes. No problems, no greedy agents inbetween.
I went online and arranged AXA within minutes. No problems, no greedy agents inbetween.
Greg ******
My guess is that a whole life insurance policy would need to be reported once the value reaches $50,000.
Floyd ******
OP@Greg *****
like I said I applied for some health insurance just to get a quote and I was denied because of this particular law and the insurance people can't even explain it to me he said he thought his bank was afraid of money laundering or something I don't knowPeter **********
@Floyd *****
It’s neither the US nor Thai. It’s a clueless agency. Find another agency. They are happy to grab a substantial chunk of your money.Greg ******
@Floyd *****
The US government has gone crazy.Greg ******
@Floyd *****
FATCA is a US requirementFloyd ******
OP@Greg *****
From what I understand it's the Thai government trying to do something in guards to this
Lynnette *******
Travel insurance?
Floyd ******
OP@Lynnette ******
no I was applying for health insurancePete *******
What new FATCA requirements are you referring to?
Floyd ******
OP@Pete ******
I have no idea what this is even about but I was denied health insurance because of something about the fatca law and from what I can see that has to do with taxes or somethingPete *******
@Floyd *****
just admit you have no idea what you are talking about....Floyd ******
OP@Pete ******
I think that's what I did I have no idea what this is aboutActivity
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