# Great news for Aon clients - Aon Bermuda is now classified as a Qualified Intermediary!

Aon has reached an agreement with the United States Internal Revenue Service (IRS) to classify Aon Bermuda as a Qualified Intermediary. Therefore, a single form W-8IMY with Aon Bermuda's QI tax identification number will be sufficient for FATCA purposes to cover premium payments from US clients to Aon Bermuda.

## What does it mean to be a Qualified Intermediary?

With this classification, Aon Bermuda has agreed to assume primary withholding and reporting responsibility with respect to insurance premiums paid by US clients to Aon Bermuda. Accordingly, Aon Bermuda is now classified as an excepted Non-Financial Foreign Entity (NFFE) and a single form W-8IMY will be sufficient to cover payments of insurance premium made by US clients to Aon Bermuda. No withholding or allocation statement is required on in scope transactions because Aon Bermuda will complete all the necessary reporting in relation to the premium.

In essence, Aon has greatly simplified our client's responsibilities and taken the majority of the FATCA burden on insurance premium payments made to Aon Bermuda.

## Aon Bermuda's form W-8IMY

Aon Bermuda's W-8IMY form can be found at Aon.com/FATCA. This form is sufficient to cover all insurance premium payments made to Aon Bermuda and no withholding is required of US clients. However, Aon recommends you seek independent tax advice with regards to the form validation requirements prior to making premium payments to Aon Bermuda.

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This publication contains general information that Aon considers to be reliable, but such reliability is not guaranteed. Aon is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor.

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